Swiss Re prepares for major revamp within corporate solutions business

Global reinsurer Swiss Re has revealed plans to revamp the legal entity structure of its Corporate Solutions business unit (Swiss Re CorSo).

The move comes after the reinsurer announced in June that the Life Capital business unit would be disbanded, following the sale of ReAssure to the Phoenix Group.

Under the new changes, the group intends to make Swiss Reinsurance Company the sole direct wholly-owned operating subsidiary of Swiss Re.

Swiss Reinsurance Company would in turn have separate holding companies for the business units of Reinsurance and Corporate Solutions, as well as the iptiQ division. All these businesses will continue to operate independently from the group.

As a result of these changes, Swiss Reinsurance Company will assume the debt of Swiss Re Corporate Solutions.

Subject to regulatory approvals, the legal entity structure is expected to be implemented by the end of 2021.