ARMONK, N.Y., April 30 /PRNewswire/ -- Swiss Re said today that it has
completed its previously announced Admin Re(SM) acquisition of CNA Financial
Corp.'s individual life insurance business for approximately USD 700 million.
The inforce business, which will be put into run-off, includes term, universal
and permanent life insurance policies and individual annuity products.
"The completion of this transaction strengthens our life and health
business in North America," said Weldon Wilson, chief executive officer of
Swiss Re Life & Health America Inc. "The acquisition is consistent with Swiss
Re's strategy to expand our business, specifically in the area of
administrative reinsurance, which continues to be an important element of our
growth,"
About Swiss Re
Swiss Re is one of the world's leading reinsurers and the world's largest
life and health reinsurer. The company operates through more than 70 offices
in over 30 countries. Swiss Re has been in the reinsurance business since its
foundation in Zurich, Switzerland, in 1863. Through its three business groups,
Property & Casualty, Life & Health and Financial Services, Swiss Re offers a
wide variety of products to manage capital and risk. Traditional reinsurance
products, including a broad range of property and casualty as well as life and
health covers and related services, are complemented by insurance-based
corporate finance solutions and supplementary services for comprehensive risk
management. Swiss Re is rated "AA" by Standard & Poor's, "Aa1" by Moody's and
"A+" by A.M. Best.
Cautionary note on forward-looking statements
Certain statements contained herein are forward-looking. These statements
provide current expectations of future events based on certain assumptions and
include any statement that does not directly relate to a historical fact or
current fact. Forward-looking statements typically are identified by words or
phrases such as "anticipate," "assume," "believe," "continue," "estimate,"
"expect," "foresee," "intend," "may increase" and "may fluctuate" and similar
expressions or by future or conditional verbs such as "will," "should,"
"would" and "could." These forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause our actual
results, performance, achievements or prospects to be materially different
from any future results, performance, achievements or prospects expressed or
implied by such statements. Such factors include, among others:
* cyclicality of the reinsurance industry;
* changes in general economic conditions, particularly in our core
markets;
* uncertainties in estimating reserves;
* risks and uncertainties relating to our estimates of the losses arising
from the 11 September 2001 terrorist attack in the United States;
* the performance of financial markets;
* expected changes in our investment results as a result of the changed
composition of our investment assets or changes in our investment
policy;
* the frequency, severity and development of insured claim events;
* acts of terrorism and acts of war;
* changes in rating agency policies or practices;
* mortality and morbidity experience;
* policy renewal and lapse rates;
* the change in or loss of one or more of the financial or claims-paying
ratings of one or more of our subsidiaries,
* changes in levels of interest rates;
* political risks in the countries in which we operate or in which we
insure risks;
* extraordinary events affecting our clients, such as bankruptcies and
liquidations;
* risks associated with implementing our business strategies;
* changes in currency exchange rates;
* changes in laws and regulations, including changes in accounting
standards and taxation requirements; and
* changes in competitive pressures.
These factors are not exhaustive. We operate in a continually changing
environment and new risks emerge continually. Readers are cautioned not to
place undue reliance on forward-looking statements. We undertake no obligation
to publicly revise or update any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE Swiss Reinsurance Company
 back to top
Related links:
http://www.swissre.com
CONTACT:
Stephen Dishart, +1-212-317-5640,
stephen_dishart@swissre.com, or Michael D. McNamara,
+1-212-317-5663, michaeld_mcnamara@swissre.com, both of Swiss
Reinsurance Company
|
