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.
