Swiss Re spends big in US
Swiss Re, one of the biggest reinsurance groups in the world, has purchased US-based Underwriters Re, the property and casualty reinsurer of Alleghany Corp, for $US725 million ($A1.1 billion).
Swiss Re, one of the biggest reinsurance groups in the world, has purchased US-based Underwriters Re, the property and casualty reinsurer of Alleghany Corp, for $US725 million ($A1.1 billion).
The sale will establish Swiss Re as "a leading participant in the broker channel rein-surance market in the US", the group says.
Not included in the deal are the London-based Lloyd's operations of Underwriters Re, which Alleghany will retain.
The acquisition "enhances the positioning of our US property and casualty business and complements the market-leading position of our US life business", says Swiss Re chief executive Walter Kielholz.
At the end of 1998, Underwriters Re had total gross premiums of $US549 million ($A840.5 million) and assets of $US1.7 billion ($A2.6 billion), excluding the Lloyd's business.
Swiss Re is the second-biggest reinsurer in the world after German group Munich Re in terms of gross and net premiums.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
