Swiss Re to reinsure €683m life portfolio of Zurich joint venture

Swiss Re has signed a reinsurance agreement with Bansabadell Vida, the life joint venture of Zurich Insurance and Spanish banking group Banc Sabadell, to reinsure its individual life risk portfolio for an amount of €683.7 million, as a reinsurance commission.

Under the agreement, Swiss Re will assume the risks on the life portfolio and Bansabadell Vida will maintain the administrative management of the reinsured policies.

The transaction is a part of Bansabadell's strategy to strengthen its capital position to support its future growth plans

Bansabadell Vida's general manager, Javier Valle, commented: "We have signed the agreement with Swiss Re, a world-renowned entity with proven experience in the life reinsurance business and with excellent levels of solvency and financial strength."

"[The agreement is] a great opportunity to value our insurance portfolio, and strengthen the company to undertake the ambitious business growth plan we have for the next few years," Valle added.

The Barcelona-based firm noted that this is the first operation of this characteristics that has taken place in Spain after the application of Solvency II regime on 1st of January of 2016.

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