Canadian Underwriter

Swiss Re to acquire U.S. reinsurance operation

July 30, 2001   by Canadian Underwriter

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Swiss Re announced today that it will acquire Lincoln National Corporation’s reinsurance operation, Lincoln Re, headquartered in Fort Wayne, Indiana, for US$2 billion. Swiss Re will integrate Lincoln’s reinsurance operations into the Swiss Re North American Life & Health unit.
In addition to the purchase price, Lincoln National will retain US$500 million of capital currently supporting the business. Swiss Re’s intends to raise equity to finance the transaction, which is expected to close in fourth quarter 2001.

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