Swiss Life is buying a Swiss Re's subsidiary to improve its employee benefits offering in Europe.
Reinsurer Swiss Re is selling its life insurance subsidiary Elipslife, to Swiss Life International, according to a joint statement Friday which does not disclose details of the deal.
Vaduz-based Elipslife offers insurance for institutions clients including pension funds, collective foundations, companies, and associations.
Its products provide occupational and private pension provision for death and disability risks and cover the financial consequences of illness and accidents.
Employee Benefits
«The partnership will significantly strengthen our employee benefits offering in Europe and will contribute to our risk and fee result which is fully aligned with Swiss Life’s strategy,» CEO Swiss Life International Nils Frowein, says in the statement.
As with other insurers in Liechtenstein, Elips Life previously distributed so-called insurance wrappers that were scrutinized by foreign authorities in the wake of the tax dispute.
