Swiss Re announces major restructure
In June 2020, Swiss Re announced that its life capital business unit would be disbanded when ReAssure is sold to Phoenix Group – and today, the reinsurer has revealed further changes to the legal entity structure of the group. According to a press release, the next Swiss Re division that’s on the restructuring warpath is the corporate solutions business unit.
As part of the changes, the group will make Swiss Reinsurance Company Ltd the sole direct wholly-owned operating subsidiary of Swiss Re Ltd. Swiss Reinsurance Company Ltd would then have separate holding companies for the reinsurance and corporate solutions business units, in addition to the iptiQ division. Under this new structure, these businesses will continue to operate independently, and Swiss Reinsurance Company Ltd will assume the debt of Swiss Re Corporate Solutions Ltd.
This legal entity structure is expected to be in place by the end of 2021, subject to required regulatory approvals.