Swiss Re declines comment on Scottish Widows report |
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Published
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Mon, 16 Oct 2006 10:25
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ZURICH - Swiss Reinsurance Co. has refused to comment on the possibility of a joint bid along with French insurer AXA to buy Scottish Widows, the life insurance department of British bankers Lloyds TSB Group.
When asked by Dow Jones Newswires about the possibility of the bid, a company spokeswoman gave a terse reply saying, "We have no comment to make".
Swiss Re has been pretty active in the market in recent months. It has already bought General Electric's reinsurance department last year for a reported price of $7.8 billion, tipping up Munich Re to become the world's largest reinsurance company in terms of premiums.
Last week it had bought GE's life insurance business reportedly for 465 million pounds. The Sunday Telegraph had reported that both AXA and Swiss Re would be dividing the Scottish Widows with AXA taking over most of Scottish Widows, including its fund management arm, while Swiss Re will buy out the closed life assurance funds.
Chief Financial Officer Ann Godbehere had told Reuters in August that Swiss Re would be making many more such acquisitions.
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Resolution said to be close to acquiring Abbey's closed life insurance business 