Reinsurance giant Swiss Re has acquired Champlain Reinsurance Company (Champlain Re), a Swiss based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction.
Champlain Re’s remaining reinsurance liabilities consist mainly of General Liability and Workers’ Compensation exposures of the Rio Tinto Alcan Group.
The risks held by the captive emanate from Continental Europe, the US and Canada.
Janic Schilling, Vice President, Reinsurance Legacy and M&A Deals at Swiss Re, explained that the reinsurer remains a leading player in the P&C legacy transactions space.
He added, “The acquisition demonstrates Swiss Re’s strong capabilities in designing and reliably executing individual solutions for the legacy challenges of our business partners.
“These can include ADC’s, LPT’s, Novations, Portfolio Transfers and Acquisitions.
“We would like to use this opportunity to thank Rio Tinto Alcan and Aon’s Captive & Insurance Management for the trustful and collaborative execution of this transaction.”
