Swiss Re forms legal entities in Luxembourg

Europe

Swiss Re will transform its legal structure by forming three legal entities, all of which will be based in Luxembourg and which will serve as risk carriers for most of the group’s European reinsurance and insurance business. According to Swiss Re, the new legal structure will result in more efficient capital management, administration and reporting. The new structure is part of the group’s preparation for the implementation of the European Reinsurance Directive. The new entities will operate via branches in the rest of the EU. Swiss Re says that the new legal structure will improve the alignment of regulatory and economic capital requirements. Swiss Re hopes to have the new structure in place by mid 2009. The group also said the changes will have no significant impact on its clients as Swiss Re’s business structure and market approach will remain unchanged. Existing local operations will continue to have the responsibility for their business activities.