Swiss RE to sell of life insurance business

Fri, 01 Jun 2007

Swiss RE, one of the largest reinsurance companies in the world, are to sell off their GE Life book to mutual life insurance company LV ( Liverpool Victoria .) Swiss RE predicted that the business would be completed by December.

The life insurance book was purchased from the US conglomerate General Electric in 2006, at the cost of 465 million pounds. Swiss RE indicated from the start that they would sell off bits of business open to new policies.

As part of this transaction, around 220 employees would be transferred to LV. Swiss Re purchase life policy portfolios off businesses that are closed to new custom. They then reap income and make larger profits than the former owners.
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