Swiss Re completes Admin Re acquisition of CNA’s individual life insurance business

30 April 2004, Zurich

wiss Re said today that it has completed its previously announced Admin ReSM acquisition of CNA Financial Corp.'s individual life insurance business for approximately USD 700 million. The inforce business, which will be put into run-off, includes term, universal and permanent life insurance policies and individual annuity products.

"The completion of this transaction strengthens our life and health business in North America," said Weldon Wilson, chief executive officer of Swiss Re Life & Health America Inc. "The acquisition is consistent with Swiss Re's strategy to expand our business, specifically in the area of administrative reinsurance, which continues to be an important element of our growth,"

About Swiss Re

Swiss Re is one of the world's leading reinsurers and the world's largest life and health reinsurer. The company operates through more than 70 offices in over 30 countries. Swiss Re has been in the reinsurance business since its foundation in Zurich, Switzerland, in 1863. Through its three business groups, Property & Casualty, Life & Health and Financial Services, Swiss Re offers a wide variety of products to manage capital and risk. Traditional reinsurance products, including a broad range of property and casualty as well as life and health covers and related services, are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA" by Standard & Poor's, "Aa1" by Moody's and "A+" by A.M. Best.


Cautionary note on forward-looking statements

  • cyclicality of the reinsurance industry;
  • changes in general economic conditions, particularly in our core markets;
  • uncertainties in estimating reserves;
  • risks and uncertainties relating to our estimates of the losses arising from the 11 September 2001 terrorist attack in the United States;
  • the performance of financial markets;
  • expected changes in our investment results as a result of the changed composition of our investment assets or changes in our investment policy;
  • the frequency, severity and development of insured claim events;
  • acts of terrorism and acts of war;
  • changes in rating agency policies or practices;
  • mortality and morbidity experience;
  • policy renewal and lapse rates;
  • the lowering or loss of one of the financial or claims-paying ratings of one or more of our Group companies,
  • changes in levels of interest rates;
  • political risks in the countries in which we operate or in which we insure risks;
  • extraordinary events affecting our clients, such as bankruptcies and liquidations;
  • risks associated with implementing our business strategies;
  • changes in currency exchange rates;
  • changes in laws and regulations, including changes in accounting standards and taxation requirements; and
  • changes in competitive pressures.

These factors are not exhaustive. We operate in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.