Pensions and life insurance provider Swiss Life is to acquire the entire capital share of Liechtenstein-based CapitalLeben, a public limited company specializing in structured life insurance solutions.
Swiss Life will merge CapitalLeben with its subsidiary, Swiss Life (Liechtenstein) AG. According to the company, the acquisition makes Swiss Life one of the leading providers of structured life insurance products for high net worth individuals.
Swiss Life has stated that, because the companies have comparable business models, similar products and complementary areas of geographical focus, the acquisition will allow it to accelerate its growth in the global structured life insurance market.
Bruno Pfister, CEO international of the Swiss Life Group, said: The acquisition of CapitalLeben enables us to further exploit the major growth potential of this attractive business area and to rapidly expand beyond the markets we already cover.
Hans Haumer, chairman of CapitalLeben’s board of directors, added: CapitalLeben is one of the first movers in the structured life insurance products business. The strong growth of the past few years has brought us to a threshold in our development. In Swiss Life we have found the ideal partner with which to take the next step.
The details of the purchase price have not been disclosed, but the acquisition, which is subject to the approval of the relevant authorities, is expected to be finalized by the end of the first quarter of 2007.