Dutch insurance group Ageas has agreed to transfer all of the run-off reinsurance subsidiary Intreinco to Swiss Re, as part of simplifying its organizational structure.
According to the Ageas (formerly Fortis), the transaction will be structured as a transfer of liabilities (amounting to EUR143m as at 31 December 2010) against a one-off payment by Ageas to Swiss Re.
Between 2000 and 2008, Intreinco has underwritten reinsurance liabilities of current and former
Ageas insurance subsidiaries, including AG Insurance, Ageas Insurance, Amlin Corporate Insurance and ASR Schadeverzekering.
Since 2009, the Intreinco has not underwritten any new business.
Following completion of the transaction, Ageas will no longer have reinsurance liabilities in its General Account.
The transaction is subject to certain approvals and is expected close before year end of 2011.