Reinsurance News

Swiss Re to sell elipsLife to Swiss Life International

10th December 2021 - Author: Matt Sheehan

Swiss Re has announced plans to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International and to enter into a long-term reinsurance partnership for elipsLife’s in-force and new business.

Swiss ReelipsLife is an insurance company for institutional clients such as pension funds, collective foundations, companies, and associations.

The company provides insurance products that cover the financial consequences of illness and accidents, with a particular focus on occupational and private pension provision for death and disability risks.

elipsLife’s headquarters are located in Vaduz, Liechtenstein. It has been a wholly owned subsidiary of Swiss Re since October 2011, and since 2020 it has been part of the Business Unit Corporate Solutions.

As part of the agreement, Swiss Life will take over elipsLife, excluding the medical business of Elips Versicherungen AG in Ireland, which will remain with Swiss Re.

“We are very pleased to have found the perfect partner in Swiss Life to take elipsLife into a successful future,” said Andreas Berger, Chief Executive Officer Swiss Re Corporate Solutions.

“The sale will allow Corporate Solutions to focus on continuing the strong performance of our core commercial insurance business. At the same time Swiss Re will keep exposure to an attractive risk pool via a long-term reinsurance partnership with Swiss Life.“

Nils Frowein, CEO Swiss Life International, also commented: “The partnership will significantly strengthen our Employee Benefits offering in Europe and will contribute to our risk and fee result which is fully aligned with Swiss Life’s strategy.“

The transaction is expected to close in the first half of 2022.

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