Swiss Re to sell of Bermuda-based subsidiary
The Swiss Reinsurance company in Zurich has signed an agreement to sell its 70 per cent stake in the International Risk Management Group, based in Bermuda.
In a statement on Thursday, the company said its holding would be sold to two buyers: the captive management and risk finance consulting operations of IRMG is to be acquired by the Aon Corporation, while the property loss consulting business of IRMG – Global Risk Consultants – will be acquired in a management buy-out.
It added that Swiss Re’s decision to divest its stake in IRMG was the result of its global strategy to focus on its core risk financing activities.
No financial details of the transaction, which is due to be closed by the end of the year, have been announced.
Swiss Re is one of the world’s leading reinsurers with over 70 offices in more than 30 countries. In the 1999 financial year, gross premium volume amounted to SFr22.4 billion ($13.25 billion) and profit reached SFr2.8 billion.
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