Reinsurance and insurance provider Validus Holdings is planning to establish a Swiss underwriting company, by transforming the existing operations of Flagstone Reassurance Suisse.

Following regulatory approval, the company will be rebranded and will enhance Validus Reinsurance, (Validus Re) global underwriting platform including the formation of a presence in Continental Europe.

The proposed insurance start up will enable Validus’ reinsurance teams to work more closely with customers in their respective markets by building local branch offices

Starting from 1 January 2014, it is expected that the new company will start underwriting existing Validus Re Latin America and agricultural reinsurance business onto its paper.

The company also has plans to offer underwriting services to the US and European property treaty reinsurance business.

Validus Re CEO Kean Driscoll said that the company is pleased to announce this important development for Validus which capitalizes on the strategic, regulatory and financial benefits of adding a Swiss underwriting platform.

"A Swiss presence is another step in the evolution of Validus as we continue to develop our global underwriting platform," Driscoll added.

Validus offers reinsurance, insurance, and insurance linked securities management operating through three primary segments, Validus Reinsurance, Talbot Holdings and AlphaCat Managers.