Safeco plans to buy Swiss Re US businesses

Seattle-based insurer Safeco will buy Swiss Re’s US medical excess-of-loss and group life business in an effort to expand its life and health book. Safeco will acquire US$10mn in annual group life premiums and $240mn in medical excess-of-loss premiums. Safeco wrote $280mn of medical excess-of-loss business in 2001. The company said the line has been profitable for 18 of the past 21 years.