Swiss Re has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, for $6.8 billion.

Based in Kansas City, GE Insurance Solutions had net premiums earned of $6.2 billion in 2004 and total assets of $41.5 billion as of June 2005. When the purchase is completed Swiss Re will have estimated combined revenues of CHF46 billion and assets of CHF265 billion and a highly diversified business globally.

This is both strategically and financially a very attractive transaction that creates significant value for our shareholders, said John Coomber, Swiss Re chief executive officer. The acquisition of GE Insurance Solutions provides a powerful business fit offering tremendous opportunities to strengthen our franchise.

The purchase excludes GE Insurance Solutions’ US life and health business which will not be part of the transaction.