Swiss Re announced today it has received regulatory approval for the integration of GE Reinsurance Corporation into the Swiss Reinsurance America Corporation legal entity.
"This is a positive move for our organization and brings benefits to our clients and brokers," said Judy Mann, who heads Zurich-based Swiss Re's brokered reinsurance business in the Americas and is president and chief executive officer of Swiss Re Underwriters Agency. "We are now able to provide enhanced security with the Swiss Re America Corporation legal entity.
Swiss Re America Corporation is rated "A-plus" (Superior) by A.M. Best, "double-A-minus" by Standard and Poor's and "Aa2″ by Moody's.
Swiss Re said the merger provides Swiss Re clients and brokers with continuity of coverage and a simplified process, while minimizing any disruptions.
For those clients who formerly had their coverage provided by the GE Reinsurance legal entity, all past claims obligations transfer to the Swiss Reinsurance America Corporation, Swiss Re added.
For GE Reinsurance clients whose reinsurance business was managed by GE Reinsurance but written on Employers Reinsurance Corporation legal entity paper, renewal business will be written on or quickly moved to Swiss Reinsurance America Corporation paper. This change was effective Jan. 1, Swiss Re noted.
Swiss Re became the world's largest reinsurer with an agreement announced in November of 2005 to acquire GE Insurance Solutions in a $6.8 billion cash and stock transaction. Swiss Re operates through offices in more than 30 countries.
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