Reinsurance specialist Swiss Re has entered into an agreement to sell the new business operations of Tomorrow, the recently re-branded GE Life, to general insurer LV=. The transaction is subject to regulatory approval and is expected to close in December 2007.
Under the terms of the deal, LV=, formerly known as Liverpool Victoria, will take on the new business operations of Tomorrow, which Swiss Re acquired in December 2006. The UK insurer is committed to further developing this business and as part of the sale, 220 employees will transfer to LV=.
Weldon Wilson, global head of Admin Re and chairman of Tomorrow, comments: LV= will invest in the people and products required to grow these lines of business. This agreement honors the commitment we made to the market, employees and customers to maintain this business as a going concern.