Swiss Re has announced an agreement to sell its life insurance subsidiary Elips Life AG to Swiss Life International, and to enter into a long-term reinsurance partnership for ElipsLife’s in-force and new business.
Under the agreement, Swiss Life will take over ElipsLife, excluding the medical business of Elips Versicherungen AG in Ireland which will remain with Swiss Re.
The transaction is expected to close in the first half of 2022, subject to several closing conditions, including regulatory approval and merger control clearance by the applicable authorities.
ElipsLife is an insurance company for institutional clients such as pension funds, collective foundations, companies, and associations. The company focuses on insurance products that cover the financial consequences of illness and accidents.
Additionally, ElipsLife’s activities focus on occupational and private pension provision for death and disability risks. 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.
Andreas Berger, Swiss Re Corporate Solutions CEO, said: “We are very pleased to have found the perfect partner in Swiss Life to take elipsLife into a successful future.
“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, Swiss Life International CEO, added: “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.”