Swiss Re may be on the acquisition trail

The company could consider deals for its Corporate Solutions division

Swiss Re may be on the acquisition trail

Insurance News

By Ryan Smith

Swiss Re is on an M&A hunt for its Corporate Solutions division, according to a Reuters report.

The Corporate Solutions division provides insurance to large corporate clients. Last year the division posted a loss of US$405 million, driven by claims related to natural and man-made disasters.

“Were we to see a reasonably priced acquisition opportunity that would help us build scale, we would consider it,” John Dacey, Swiss Re CFO, told Reuters.

The company as a whole saw an income jump in 2018 despite the catastrophe hit. On Thursday, Swiss Re announced a net income for 2018 of US$421 million, up from US$331 million in 2017. The company’s net income reflected a negative pre-tax impact of US$599 million due to a change in US GAAP recognition. Without that change, Swiss Re’s net income might have been as high as US$894 million.

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