Switzerland-headquartered specialty property catastrophe reinsurer Europa Reinsurance Facility Ltd. has started its operations in Serbia, B92.net reported.

Europe RE's chairman of board, Hansjurg Appenzeller, said the May floods that hit parts of the Balkan region caused damage worth around EUR 1.5 billion (USD 1.9 billion) to EUR 2 billion (USD 2.53 billion).

A Serbian government official said that following the start of Europe Re's operations, the government can "withdraw from the damage assessment process and leave it to experts."

The reinsurance facility is jointly owned by Serbia, Macedonia and Albania. Read the full story Europe RE begins operations in SERBIA