Article Abstract:
Life Re Corp. of Stamford, Conn. will be acquired by Swiss Reinsurance Corp. for $1.8 billion in a further consolidation of the global reinsurance industry. The deal, which has been structured as a merger, is still subject to approval by government regulators. Life Re, along with other smaller reinsurance US companies, have been seeking capital-rich reinsurance firms to expand global reinsurance business. Swiss Reinsurance, the second largest reinsurance company in the world, had a $1.5 billion profit in 1997.
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will acquire Life Re Corp. of Stamford, Conn. for $1.8 billion
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Article Abstract:
Gregory H. Wolf, president and CEO of Humana Inc., will not comment on the rumor that his company is talking with Prudential Insurance Co. about acquiring Prudential's health-care division. Humana backed out of a deal in August in which it would have been acquired by United HealthCare Corp. If Humana buys the Pru group, it will add 5 million plan members to its own 6.2 million and $6.5 billion in annual revenue to its own $8 billion.
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Analysts are a little surprised at the price, $810 million, that Chubb Corp. will pay to acquire Executive Risk Inc. The stock deal is expected to close by the end of the second quarter. The two are commercial property-casualty insurers with compatible specialty lines making it a good strategic fit.
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Company to purchase Executive Risk Inc. at a premium price
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