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
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
