Swiss Re restructures legal entities

ZURICH, Switzerland—Swiss Reinsurance Co. is forming three entities in Luxembourg as it realigns its legal structure in anticipation of the upcoming implementation of the European Reinsurance Directive.

The company said in a statement that the new legal entities will serve as Swiss Re's "risk carriers for most of its European reinsurance and insurance business, operating via branches in the rest of the (European Union). The new legal structure will improve the alignment of regulatory and economic capital requirements."

Swiss Re plans to have the first entity in place by Jan. 1 and the entire structure completed by mid 2009. Existing local operations will continue to have responsibility for their activities, the reinsurer said.