Swiss Re has closed its deal to purchase GE Insurance Solutions, eight months after announcing its intentions to buy the carrier for $6.8 billion in cash and stock. The deal likely makes the Zurich-based company the largest reinsurance carrier in the world, shifting Germany's Munich Re to the number-two spot.
The deal's closing prompted Standard & Poor's to lower Swiss Re's financial strength rating, while three other key rating agencies anticipate resolving outstanding watches within days or weeks.
The acquisition of the Kansas City, Mo.-based GE Insurance Solutions from General Electric Corp. "consolidates further Swiss Re's global leadership position," said the reinsurer's chief executive officer, Jacques Aigrain, in a statement. "We will now move swiftly to integrate GE Insurance Solutions, adding new talents to our global workforce and building on the benefits of an enlarged client base and expanded product offerings."
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