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.
At completion of the transaction, Swiss Re said it will have estimated combined revenues of $35 billion (CHF 46 billion based on 2004 figures) and assets of $201 billion (CHF 265 billion as of June 2005) and a highly diversified business globally.
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