Things could be about to change at Swiss Re in Australia.
The reinsurance giant is set to seek approval from the Federal Court for changes that would see the Australian arm of Swiss Reinsurance Company move to the Australian branch of Swiss Re Asia.
The statement on its Australian website reads as follows:
“Notice of intention to apply to the Federal Court of Australia for confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) for the transfer of the insurance business of the Australian Branch of Swiss Reinsurance Company Ltd ABN 43 007 479 941 (SRZ) to the Australian Branch of Swiss Re Asia Pte. Ltd. ARBN 631 490 447 (SRAL).
“Notice is given that the Australian branch of SRZ (SRAU) proposes to make an application to the Federal Court of Australia (Court) at Sydney for orders confirming a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) (Act) to transfer the insurance business of SRAU to the Australian Branch of SRAL (SRALAU).”
It is expected that there will be no adjustments to the personnel or day-to-day operations of the firm as it looks to bring its legal structure within Asia into line with those in both Europe and North America.
A Federal Court hearing is scheduled to take place in Sydney on October 24.