(RTTNews) - Swiss Re (SSREY.PK) has agreed to sell its life insurance subsidiary Elips Life AG to Swiss Life International. Swiss Life will take over elipsLife, excluding the medical business of Elips Versicherungen AG in Ireland, which will remain with Swiss Re.
Andreas Berger, CEO Swiss Re Corporate Solutions, said: "The sale will allow Corporate Solutions to focus on continuing the strong performance of our core commercial insurance business."
Swiss Re also has agreed to enter into a long-term reinsurance partnership for elipsLife's in-force and new business.
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