Swiss Re announced it has agreed to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International and to enter right into a long-term reinsurance partnership for elipsLife’s in-force and latest business.
Financial details of the transaction weren’t disclosed.
elipsLife is an insurance company for institutional clients reminiscent of pension funds, collective foundations, corporations, and associations. The corporate focuses on insurance products that cover the financial consequences of illness and accidents. On the forefront of its activities are occupational and personal pension provision for death and disability risks.
Headquartered in Vaduz, Liechtenstein, elipsLife has been a completely owned subsidiary of Swiss Re since October 2011, and since 2020 it has been a part of the Swiss Re Corporate Solutions.
As a part of the agreement, Swiss Life will take over elipsLife, excluding the medical business of Elips Versicherungen AG in Ireland, which can remain with Swiss Re. The transaction is predicted to shut in the primary half of 2022, subject to several closing conditions, including regulatory approval and merger control clearance by the applicable authorities.
“We’re more than happy to have found the right partner in Swiss Life to take elipsLife right into a successful future. The sale will allow Corporate Solutions to deal with continuing the strong performance of our core business insurance business,” commented Andreas Berger, chief executive officer Swiss Re Corporate Solutions. “At the identical time Swiss Re will keep exposure to a beautiful risk pool via a long-term reinsurance partnership with Swiss Life.”
Nils Frowein, CEO Swiss Life International, said: “The partnership will significantly strengthen our worker advantages offering in Europe and can contribute to our risk and fee result which is fully aligned with Swiss Life’s strategy.”