Swiss Re to sell subsidiary to focus on core commercial lines business
Global reinsurer Swiss Re is selling its life insurance subsidiary to allow Corporate Solutions to enhance its focus on strengthening core commercial insurance business.
Swiss Re has agreed to sell Elips Life to Swiss Life International and entered into a long-term partnership for in-force and new business supported by reinsurance.
Elips Life has been a wholly owned subsidiary of Swiss Re since October 2011, and since 2020 it has been part of the business unit Swiss Re Corporate Solutions.
The deal will see Swiss Life take over Elips Life, excluding the medical business of Elips Versicherungen AG in Ireland, which will remain with Swiss Re.
The transaction is expected to close in the first half of 2022, subject to several closing conditions, including regulatory approval and merger control clearance by the applicable authorities.
Elips Life is an insurance company for institutional clients such as pension funds, collective foundations, companies, and associations. The company focuses on insurance products that cover the financial consequences of illness and accidents. At the forefront of its activities are occupational and private pension provision for death and disability risks. Elips Life’s headquarters are located in Vaduz, Liechtenstein.
Andreas Berger, chief executive officer of Swiss Re Corporate Solutions, said: “We are very pleased to have found the perfect partner in Swiss Life to take elipsLife into a successful future. The sale will allow Corporate Solutions to focus on continuing the strong performance of our core commercial insurance business. At the same time Swiss Re will keep exposure to an attractive risk pool via a long-term reinsurance partnership with Swiss Life.”
Nils Frowein, CEO of Swiss Life International, said: “The partnership will significantly strengthen our Employee Benefits offering in Europe and will contribute to our risk and fee result which is fully aligned with Swiss Life’s strategy.”
