New Number One reinsurer in the world – Swiss Re buys GE insurance business

Swiss Re has announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) in a $6.8bn transaction. The deal means that, as calculated in Reinsurance’s Top 50 tables, Swiss Re has now overtaken Munich Re for the title of the world’s biggest reinsurer in terms of net written premiums.

According to Swiss Re, the acquisition adds a strong franchise to the company, complementing its own strengths. After the closing of the transaction, Swiss Re would have estimated combined revenues of

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ABI insists fire safety scheme is temporary

Mervyn Skeet, the Association of British Insurers’ director of general insurance, has outlined how the trade body will ensure the Fire Safety Reinsurance Scheme will only last three to five years, and how it will should end criticism of brokers earning commission for arranging cover.

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