Swiss Re Announces Plans to Streamline Structure of Group
Swiss Re announced further streamlining of the legal entity structure of the group. Following the announcement on June 19, 2020 that the Life Capital Business Unit will be disbanded, Swiss Re also intends to reorganize the legal entity structure of its Corporate Solutions Business Unit.
As part of the changes, the group intends to make Swiss Reinsurance Co. Ltd. the sole direct wholly owned operating subsidiary of Swiss Re Ltd.
Swiss Reinsurance Co. Ltd. would in turn have separate holding companies for the business units of Reinsurance and Corporate Solutions, as well as the iptiQ division. As a result of these planned changes, Swiss Reinsurance Co. Ltd. intends to assume the debt of Swiss Re Corporate Solutions Ltd.
The streamlining of the group’s legal entity structure will not change the fact that these businesses continue to operate independently, said Swiss Re.
The target legal entity structure is expected to be implemented by the end of 2021, subject to receipt of the required regulatory approvals.
Swiss Reinsurance Co. Ltd. is rated “AA-” by S&P, “Aa3” by Moody’s and “A+” by AM Best.
Source: Swiss Re
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