Swiss Re plans changes to Australian business, seeks court approval

Swiss Re has unveiled its internal restructuring plan that will see its Australian branch's insurance and reinsurance business transfer to Swiss Re Asia.

The company will seek Federal Court's approval in Sydney on October 24, 2019 and has issued a notice of intention to apply for the transfer under Division 3A of Part III of the Insurance Act 1973 (Cth).

The intention is to transfer the insurance business of Australian branch of Swiss Reinsurance Company (SRZ) to the Australian branch of Swiss Re Asia (SRAL), according to the statement.

SRZ is a company incorporated in Switzerland and SRAL is registered in Singapore. Both the companies are registered under the Corporations Act 2001 (Cth) and authorised by APRA to carry on insurance business in Australia.

Upon confirmation of the scheme by the Federal Court of Australia, all outstanding claims related rights and liabilities of SRAU in respect of the reinsurance contracts will be transferred to SRALAU.

The scheme will take effect from 1 January 2020.

The reinsurer noted that policyholders are not required to take any action before or as a result of the scheme, and it does not expect any changes in the firm's personnel or day-to-day operations.

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