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Swiss Re buy expands Australian aviation holdings

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Swiss Re Corporate Solutions Ltd. will acquire Assetinsure Holdings Pty Ltd.’s Australia aviation business, the companies said Wednesday.

Terms of the deal were not disclosed.

Zurich-based Swiss Re Corporate Solutions owns the majority interest of Sydney-based Assetinsure’s aviation insurance portfolio, which has been managed by Assetinsure since 2010. After the acquisition, Swiss Re will own 100% of the company’s general aviation and aerospace portfolio in Australia, New Zealand and select Pacific Islands, according to the statement.

Swiss Re Corporate Solutions will open a Brisbane office, adding to the reinsurer’s existing Australian offices in Sydney and Melbourne.