Swiss Re has announced a further streamlining of its legal entity structure.
It follows a previous announcement on 19 June 2020 that its Life Capital Business Unit would be disbanded. Now, Swiss Re intends to also reorganise the legal entity structure of its Corporate Solutions Business Unit.
As part of the changes, it intends to make Swiss Reinsurance Company Ltd the sole direct wholly-owned operating subsidiary of Swiss Re Ltd.
Swiss Reinsurance Company Ltd would in turn have separate holding companies for the business units of Reinsurance and Corporate Solutions, as well as the iptiQ division.
The streamlining of the group’s legal entity structure will “not change the fact that these businesses continue to operate independently”, according to the group.
The target legal entity structure is expected to be implemented by the end of 2021, subject to receipt of the required regulatory approvals. As a result of these planned changes, Swiss Reinsurance Company Ltd intends to assume the debt of Swiss Re Corporate Solutions Ltd.