In anticipation of the European Reinsurance Directive, Swiss Re will adapt its legal structure

Swiss Re will optimise its legal entity structure in the EU by forming three legal entities, based in Luxembourg, which will serve as risk carriers for most of its European reinsurance and insurance business. The new legal structure will result in more efficient capital management, administration and reporting.

In light of the upcoming implementation of the European Reinsurance Directive, Swiss Re will adapt its legal structure by forming three legal entities, based in Luxembourg, which will serve as risk carriers for most of its European reinsurance and insurance business, operating via branches in the rest of the EU. The new legal structure will improve the alignment of regulatory and economic capital requirements.

Swiss Re targets to have the new structure in place by mid 2009, starting with the conversion of the first locations by 1 January 2008. For Swiss Re clients, the envisaged change will have no significant impact, as Swiss Re's business structure and market approach will remain unchanged. The existing local operations will continue to have the responsibility for their business activities.