Swiss Re announces plans to streamline structure
Swiss Re announced further streamlining of the legal entity structure of the Group. Following the announcement from June that the Life Capital Business Unit will be disbanded, Swiss Re intends to also reorganize the legal entity structure of its Corporate Solutions Business Unit.
As part of the changes, the Group intends to make Swiss Reinsurance Company Ltd (rated AA- by S&P / Aa3 by Moody’s / A+ by AM Best) the sole direct wholly-owned operating subsidiary of Swiss Re Ltd. Swiss Reinsurance Company Ltd would in turn have separate holding companies for the Business Units of Reinsurance and Corporate Solutions, as well as the iptiQ division. The streamlining of the Group’s legal entity structure will not change the fact that these businesses continue to operate independently.
The target legal entity structure is expected to be implemented by the end of 2021, subject to receipt of the required regulatory approvals. As a result of these planned changes, Swiss Reinsurance Company Ltd intends to assume the debt of Swiss Re Corporate Solutions Ltd.