Swiss Re implements its efficiency gains from the Insurance Solutions integration

25 September 2006, Zurich

Swiss Re will start informing today its employees on the further staffing decisions taken to capture efficiency gains of at least USD 300 million from the integration of Insurance Solutions.

Since the completion of the acquisition of Insurance Solutions, Swiss Re has defined the organisational set-up of the company and taken the staffing decisions.The business in all markets, per lines of business and clients, has been reviewed, confirming the complementary fit of both companies.

By the end of 2007, Swiss Re will have reduced up to 2 000 positions worldwide related to the integration of Insurance Solutions, a large part of them through natural attrition. The remainder will be implemented through early retirements and lay-offs. Europe contributed 55%, the Americas 35% and Asia, Middle East and Africa 10% positions to the reduction since January 2006. Switzerland will have contributed 21% of the total reduction.

Swiss Re is committed to providing all employees affected with appropriate separation packages including professional career support.

Notes to editors

Swiss Re

Swiss Re is the world's leading and most diversified global reinsurer. The company operates through offices in over 30 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard, Poor's, "Aa2" by Moody's and "A+" by A.M. Best.

Cautionary note on forward-looking statements

Certain statements contained herein are forward-looking. These statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Forward-looking statements typically are identified by words or phrases such as 'anticipate', 'assume', 'believe', 'continue', 'estimate', 'expect', 'foresee', 'intend', 'may increase' and 'may fluctuate' and similar expressions or by future or conditional verbs such as 'will', 'should', 'would' and 'could'. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re's actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed or implied by such statements. Such factors include, among others:

    • the impact of completed and future investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transaction, including the ability to efficiently and effectively integrate the former GE Insurance Solutions operations into our own;
    • cyclicality of the reinsurance industry;
    • changes in general economic conditions, particularly in our core markets;
    • uncertainties in estimating reserves;
    • 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;
    • mortality and morbidity experience;
    • policy renewal and lapse rates;
    • changes in rating agency policies or practices;
    • the lowering or withdrawal of one or more of the financial strength or credit ratings of one or more of our subsidiaries;
    • 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 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.