The Australia branch of Swiss Re International SE, a wholly-owned subsidiary of Swiss Re Corporate Solutions, and Assetinsure Pty Ltd (Assetinsure) have entered into an agreement under which Swiss Re Corporate Solutions will acquire Assetinsure's aviation business.
Swiss Re Corporate Solutions currently owns the majority interest of Assetinsure's aviation insurance portfolio and Assetinsure has managed the business as Managing General Agent and minority owner since 2010. Following the close of the acquisition, Swiss Re will own the entire share (100%) of the company's general aviation and aerospace portfolio in Australia, New Zealand and select Pacific Islands.
"Swiss Re Corporate Solutions has worked closely with Assetinsure since 2010," said Adam Cox, Country Manager for Australia and New Zealand. "The full integration of our strong underwriting skills and Assetinsure's advanced market knowledge will further enhance our capabilities and expertise across the region."
The acquisition includes the addition of a Brisbane office to Swiss Re Corporate Solutions' network of offices. This complements Swiss Re Corporate Solutions' existing offices in Sydney and Melbourne.
Swiss Re Corporate Solutions' global aviation team operates from eight locations throughout North America, Europe and Asia Pacific, offering innovative products and tailored solutions to meet the needs of clients.