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Swiss Re poised to buy GE Insurance Solutions for 4.16bn

Swiss Re is understood to be purchasing the insurance solutions arm of General Electric for 4.16bn.

The takeover is expected to shake up the protection market due to Swiss Re’s and GE’s opposing stances on guaranteed rates, while investors are understood to be worried about a lack of synergies between the two firms.

The reinsurer says funding for the deal will require 4.6bn in new capital to grow and diversify its business although the deal has not yet been confirmed.

Ther capital hike will include up to 3.36bn in shares and mandatory convertibles and that GE is expected to hold over 10 per cent of Swiss Re shares as a result of the deal.

GE is also expected to be scaling back its reinsurance operations to improve overall returns and has already ceased writing new life reinsurance business in the US.


Adler joins Allfunds as UK operations manager

Allfunds Bank has appointed Richard Adler as its UK operations manager. He joins from Selestia where he was head of relationship services and before that worked for JP Morgan FundsHub. He will take up the role from December 5.Adler says he is looking forward to joining the bank and maximising the opportunities around platforms and […]

Lloyds is pondering merger of Swip with Belgian bank Fortis

Lloyds TSB is reported to be mulling over a merger of Swip and Belgian bank Fortis’s asset management business which would create an investment giant with 155bn under management. Rumours have been rife in the industry following share price moves this weekend that Lloyds might spin Swip off into a joint venture with Fortis’ 68bn […]

IFS developing qualification in commercial mortgages

The Institute of Financial Services is developing a new stand-alone qualification in commercial mortgages.The CeCM qualification is being developed in partnership with the National Association of Commercial Finance Brokers.The single-module qualification will open for registrations this week. Learning materials are expected to roll out in March 2006.NACFB chief executive Keith Heron says: “The Ifs’s Certificate […]


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