Switzerland-based reinsurance giant, Swiss Re has revealed that it plans to reorganise the legal entity structure of its Corporate Solutions Business Unit.
This comes after the reinsurer announced in June that the Life Capital Business Unit will disbanded, following the sale of its ReAssure Group plc subsidiary to Phoenix Group Holdings plc.
Under the changes, the Group intends to make Swiss Reinsurance Company Ltd, which is rated AA- by S&P, Aa3 by Moody’s, and A+ by A.M. Best, the sole direct wholly-owned operating subsidiary of Swiss Re Ltd.
In turn, Swiss Reinsurance Company Ltd would have individual holding companies for the business units of Reinsurance and Corporate Solutions, alongside the firm’s iptiQ operation. According to the reinsurer, the streamlining of its legal entity structure will not change the fact that these businesses continue to operate independently.
Subject to regulatory approvals, Swiss Re expects the legal entity structure to be implemented by the end of 2021. Furthermore, as a result of these changes, Swiss Reinsurance Company Ltd plans to assume the debt of Swiss Re Corporate Solutions Ltd.