Belgian insurance group Ageas (formerly Fortis) has agreed to transfer its reinsurance run-off liabilities to Swiss Re.
The liabilities are contained in a captive reinsurer called Intreinco. The captive underwrote the reinsurance liabilities of current and former Ageas insurance subsidiaries, including AG Insurance, Ageas Insurance Ltd, Amlin Corporate Insurance and ASR Schadeverzekering.
Intreinco has not underwritten any new business since 2009.
The transaction closely follows Swiss Re's purchase of $950m of run-off business from insurer Zurich.
The transaction is expected to close before the end of 2011. Following its completion, Ageas will no longer have any reinsurance liabilities in its general account.