Swiss Re will consolidate 10 of its European businesses within three underwriting companies, but the move will not affect U.S. operations, a spokeswoman said.
The Zurich, Switzerland-based company announced today that it intends to form three legal entities based in Luxembourg to serve as underwriters of most of its European reinsurance and insurance business.
Swiss Re said the new entities would result in “more efficient capital management, administration and reporting.”
The move also reflects new European Union regulations that are being implemented, primarily the European Reinsurance Directive.
The three will operate through branches throughout all of Europe. The company said the conversion will begin Jan. 1, 2008 and is expected to be completed by mid-2009.
Standard & Poor's said the move would not change the company's “double-A-minus” rating. The company has a stable outlook.
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