Swiss Re has made a dual announcement. The reinsurance giant has agreed to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International and to enter into a long-term reinsurance partnership for elipsLife’s in-force and new business.
elipsLife, which is headquartered in Vaduz, Liechtenstein, has been a wholly
owned subsidiary of Swiss Re since October 2011, and since 2020 it has been part of the business unit Corporate Solutions. The transaction is expected to close in H1 2022 and is subject to several closing conditions, including regulatory approval and merger control clearance by the applicable authorities.
CEO of Swiss Re Corporate Solutions Andreas Berger said the reinsurer is pleased to have found the “perfect partner” in Swiss Life and that the deal will ensure elipsLife becomes a successful feature. He stated that the sale will enable Corporate Solutions to focus on maintaining the strong performance of its core commercial insurance business.
He noted that, underpinning this, Swiss Re will keep its exposure to an attractive risk pool through a long-term reinsurance partnership with Swiss Life.”
Nils Frowein, CEO of Swiss Life International, added: “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.”