As a property and casualty (P&C) reinsurer in the lines of aviation, marine, workers’ compensation and cyber, among others, the acquisition consolidates Swiss Re’s capabilities in the P&C legacy transactions space.
Swiss Re offers structured retrospective solutions that transfer the underwriting uncertainties and operational and capital burdens associated with unresolved non-life liabilities to ensure capital optimisation and operational efficiency to support balance sheets and portfolios.
CRC’s remaining reinsurance liabilities comprise general liability and workers’ compensation exposures of the global mining Rio Tinto Alcan Group, of which Alcan Holdings Switzerland is a member, based in continental Europe, the US and Canada.
Commenting on the run-off transaction, Janic Schilling, vice president of reinsurance legacy and M&A deals at Swiss Re, says: “The acquisition demonstrates Swiss Re’s strong capabilities in designing and reliably executing individual solutions for the legacy challenges of our business partners. These can include adverse development covers, loss portfolio transfers, novations and acquisitions.
“We would like to thank Rio Tinto Alcan and Aon’s captive and insurance management team for the trustful and collaborative execution of this transaction.”
