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News focus - Swiss Re finally absorbs GE Insurance Services.
(From Reinsurance)
Swiss Re has completed the acquisition of GE Insurance Solutions (GEIS), which will be integrated into Swiss Re over the next 18 months.
"The acquisition of GEIS consolidates further Swiss Re's global leadership position," said Swiss Re chief executive Jacques Aigrain. "We will now move swiftly to integrate GE Insurance Solutions, adding new talents to our global workforce and building on the benefits of an enlarged client base and expanded product offerings."
Swiss Re acquired GEIS for $6.8bn plus closing adjustments of $0.6bn for a total of $7.4bn. Between 18 November 2005 and closing, the book value of GEIS increased by $1.7bn through cash capital contributions from General Electric (GE) and earnings that Swiss Re reimbursed to GE on closing.
The closing of the acquisition concludes Swiss Re's cost-efficient financing package for the transaction, which involves a combination of cash, an at-market rights issue, mandatory convertibles and hybrid debt. The financing included the equivalent of $2.4bn in new Swiss Re shares at a share price of 87.58 Swiss francs ($72.07) issued to GE. GE now ...
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...also supplies direct non-life insurance services, although to a lesser extent, with Swiss Re operating through a series of subsidiaries, and GE Insurance Solutions active in Europe and Canada as well as the US. However, the Commission believes...
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