Swiss Re buy expands Australian aviation holdings

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.