Validus Holdings is setting up a Swiss underwriting company, transforming the existing operations of Flagstone Reassurance Suisse.

The company will be renamed pending regulatory approval and will enhance Validus Re's global underwriting platform including the establishment of a presence in Continental Europe, Bermuda's Validus said.

The Company will allow Validus' reinsurance teams to work more closely with customers in their respective markets through the establishment of local branch offices.

Validus said the company anticipates underwriting existing Validus Re Latin America and agricultural reinsurance business onto the company paper starting on January 1, 2014.

The Company also intends to write US and European property treaty reinsurance business.

Kean Driscoll, CEO of Validus Re, commented: “We are excited to announce this important development for Validus which capitalizes on the strategic, regulatory and financial benefits of adding a Swiss underwriting platform.

“Validus is a leader in reinsurance and insurance and we are constantly seeking ways to work more closely with our clients and provide the products they need. A Swiss presence is another step in the evolution of Validus as we continue to develop our global underwriting platform.”