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BUSINESS
January 1, 2004 | From Bloomberg News
Swiss Reinsurance Co. and 19 other insurers being sued by World Trade Center developer Larry Silverstein may use at trial a court ruling that the Sept. 11, 2001, terrorist attacks on the building complex were one occurrence, a judge ruled. Silverstein is suing the insurance companies, alleging that the two planes that hit the two towers constituted two attacks, and thus warrant two insurance payments of $3.55 billion each under the terms of his policies. The introduction of the Sept.
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BUSINESS
January 19, 2010
A unit of billionaire Warren Buffett's Berkshire Hathaway Inc. acquired a block of the U.S. life reinsurance business of Swiss Reinsurance Co. for nearly $1.3 billion, freeing up the Zurich, Switzerland, company's capital for more profitable investments. The deal with Berkshire Hathaway Life Insurance Inc., announced Monday, was retroactive to Oct. 1. It will release 300 million Swiss francs (about $292 million) in capital reserves for Swiss Reinsurance. Under terms of the deal, called a retrocession, Omaha-based Berkshire Hathaway will be able to pocket premiums but also will be on the line for as much as $1.5 billion in potential losses.
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BUSINESS
July 30, 2001 | From Bloomberg News
Swiss Reinsurance Co. agreed Sunday to buy Lincoln National Corp.'s reinsurance business for $2 billion. Swiss Re will integrate Lincoln's reinsurance operations into Swiss Re North American Life & Health unit, the company said in a statement. Company officials weren't immediately available for comment. Swiss Re, based in Zurich, will raise equity to finance the acquisition, which it hopes to complete in the fourth quarter, the company said.
BUSINESS
November 19, 2005 | From Associated Press
General Electric Co. sold most of its insurance unit to Swiss Reinsurance Co. on Friday for $6.8 billion in cash and stock, completing a strategy to leave a troublesome segment and redeploy cash to investors and faster-growing businesses. GE, the industrial products, financial services and media conglomerate, also boosted its dividend and expanded its stock repurchase plan as it announced the deal.
BUSINESS
November 19, 2005 | From Associated Press
General Electric Co. sold most of its insurance unit to Swiss Reinsurance Co. on Friday for $6.8 billion in cash and stock, completing a strategy to leave a troublesome segment and redeploy cash to investors and faster-growing businesses. GE, the industrial products, financial services and media conglomerate, also boosted its dividend and expanded its stock repurchase plan as it announced the deal.
BUSINESS
July 28, 1998 | From Bloomberg News
Swiss Reinsurance Co., the world's second-largest reinsurer, agreed to pay $1.8 billion for Life Re Corp. to expand its U.S. life and health business, the companies said Monday. Zurich-based Swiss Re said it will pay $95 a share for Life Re, whose revenue was about $646 million last year. The price is a premium of 6.7% to Life Re's closing price Friday, when shares of the Stamford, Conn.-based company rose 5.1%.
BUSINESS
January 19, 2010
A unit of billionaire Warren Buffett's Berkshire Hathaway Inc. acquired a block of the U.S. life reinsurance business of Swiss Reinsurance Co. for nearly $1.3 billion, freeing up the Zurich, Switzerland, company's capital for more profitable investments. The deal with Berkshire Hathaway Life Insurance Inc., announced Monday, was retroactive to Oct. 1. It will release 300 million Swiss francs (about $292 million) in capital reserves for Swiss Reinsurance. Under terms of the deal, called a retrocession, Omaha-based Berkshire Hathaway will be able to pocket premiums but also will be on the line for as much as $1.5 billion in potential losses.
BUSINESS
February 5, 2003 | From Bloomberg News
World Trade Center leaseholder Larry Silverstein deliberately underinsured the Twin Towers, then concocted a hoax after Sept. 11 to double his $3.5-billion coverage, an insurer claims in new court papers. Silverstein contends the destruction of the towers by two hijacked jets constituted separate events for insurance purposes, entitling him to about $7 billion from 22 insurers. Lead insurer Swiss Reinsurance Co.
BUSINESS
August 5, 2002 | From Associated Press
The company that held the lease for the World Trade Center estimates its losses at $8.2 billion from the terrorist attacks. Silverstein Properties had previously estimated the losses at $6.5 billion but adjusted it to show tenant-improvement costs and depreciation estimates. The figure includes a $2.5-billion estimate of interrupted business losses from the attacks and a $5.7-billion loss for the twin skyscrapers and adjacent buildings destroyed on Sept. 11. Swiss Reinsurance Co.
BUSINESS
December 7, 1999 | Bloomberg News
Swiss Reinsurance Co., the world's second-largest reinsurer, will buy Underwriters Re Group Inc., based in Calabasas, for $725 million, doubling its revenue from underwriting property and casualty insurers in the world's biggest market. Swiss Re is buying Underwriters Re from Alleghany Corp. for cash. Last year, Underwriters Re had premiums of $549 million and assets of $1.7 billion.
BUSINESS
January 1, 2004 | From Bloomberg News
Swiss Reinsurance Co. and 19 other insurers being sued by World Trade Center developer Larry Silverstein may use at trial a court ruling that the Sept. 11, 2001, terrorist attacks on the building complex were one occurrence, a judge ruled. Silverstein is suing the insurance companies, alleging that the two planes that hit the two towers constituted two attacks, and thus warrant two insurance payments of $3.55 billion each under the terms of his policies. The introduction of the Sept.
BUSINESS
July 30, 2001 | From Bloomberg News
Swiss Reinsurance Co. agreed Sunday to buy Lincoln National Corp.'s reinsurance business for $2 billion. Swiss Re will integrate Lincoln's reinsurance operations into Swiss Re North American Life & Health unit, the company said in a statement. Company officials weren't immediately available for comment. Swiss Re, based in Zurich, will raise equity to finance the acquisition, which it hopes to complete in the fourth quarter, the company said.
BUSINESS
July 28, 1998 | From Bloomberg News
Swiss Reinsurance Co., the world's second-largest reinsurer, agreed to pay $1.8 billion for Life Re Corp. to expand its U.S. life and health business, the companies said Monday. Zurich-based Swiss Re said it will pay $95 a share for Life Re, whose revenue was about $646 million last year. The price is a premium of 6.7% to Life Re's closing price Friday, when shares of the Stamford, Conn.-based company rose 5.1%.
BUSINESS
March 14, 2002 | From Bloomberg News
Munich Re, trying to gauge insurers' potential exposure to risks after the Sept. 11 terrorist attacks, said a meteorite crash on Earth could lead to bigger-than-expected costs for the industry. "The effects of a 'bombardment from space' are to be carried by the insurance industry to a larger degree than has hitherto been assumed," Munich Re said. "This is because meteorite crashes will probably lead to explosions and fires which are covered in many insurance contracts nowadays."
BUSINESS
December 28, 2004 | From Dow Jones/Associated Press
Losses for the global insurance industry from the devastating earthquake and tidal waves in Southeast Asia are likely to be well below claims from the hurricanes in Florida this year because the regions hit over the weekend are generally underinsured, analysts said Monday. Mother Nature's fury in the Indian Ocean is just one more disaster in a year marked by a number of catastrophes. The world's largest reinsurance companies, Swiss Reinsurance Co.
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