Swiss Re Sees COVID-19 Hit Rise To $2.5B

Law360, London (July 23, 2020, 12:18 PM BST) -- Insurer Swiss Re has said it has completed the sale of its subsidiary ReAssure amid the financial fall-out from the COVID-19 crisis, which has already cost the reinsurer $2.5 billion this year.

Swiss Re said Wednesday it has finalized the sale of ReAssure Group PLC to Phoenix Group Holdings PLC. The company said the deal has boosted its capital position, which is strong despite the global health crisis that left a $2.5 billion hole in the group's books.

Swiss Re received a cash payment of £1.2 billion ($1.5 billion) from the sale, as well as shares in Phoenix representing a 13.3%...

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