Swiss Re will become the world’s largest reinsurer with the execution of its agreement announced today to acquire GE Insurance Solutions, the fifth-largest reinsurer worldwide, from General Electric Company for a $6.8 billion cash and stock transaction.

Swiss Re, currently the second-biggest reinsurer, would leapfrog over Munich Re into first place with this deal. Swiss Re said the acquisition was “financially attractive” and adds a strong franchise that complements its own strengths.

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