Swiss Re announced that its shareholders have approved the creation of additional equity capital related to the financing of the GE Insurance Solutions acquisition at an Extraordinary General Meeting, held yesterday, Feb. 27.
In addition the shareholders elected John R. Coomber, former Swiss Re CEO, and Dennis D. Dammerman, previously vice chairman of the board of General Electric to Swiss Re’s Board of Directors.
Board Chairman Peter Forstmoser commented: “The vote shows that our shareholders are also convinced of the strategic and financial benefits of the GE Insurance Solutions acquisition. The transaction will allow Swiss Re to further enhance its already strong global market position.”
The bulletin also noted that “Swiss Re shareholders approved all items relating to the financing of the acquisition of GE Insurance Solutions Corporation from General Electric Company (General Electric). Under the terms of the transaction, Swiss Re will purchase GE Insurance Solutions, headquartered in Kansas City, Missouri, US, for $6.8 billion (approximately CHF 8.8 billion), subject to closing adjustments, which will bring the total to an anticipated $7.6 billion (approximately CHF 9.9 billion).
When the deal closes GE will become Swiss Re’s largest shareholder with between a 10 to 13 percent stake, depending on the number of shares to be issued by Swiss Re, which in turn depends on the final purchase price that also reflects the market valuation of Swiss Re’s shares.
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