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Swiss Re is becoming the sole shareholder of the insurance company Elips Life AG.
Swiss Re will acquire 100 percent of the shares of Elips Life AG. The current shareholders Liechtensteinische Landesbank (LLB) and Beratungsgesellschaft für die zweite Säule AG (BERAG) will focus on working together with Elips Life. The customers of Elips Life will benefit from the support of a flexible and innovative insurance partner and the security associated with Swiss Re.
The positioning and business strategy of Elips Life as a B2B insurance specialist offering group life insurance, reinsurance, daily benefits insurance and accident insurance will be maintained and developed further. In view of the growth experienced by Elips Life, the Board of Directors approved a share capital increase. Swiss Re will increase its stake of around 48 percent to 100 percent of Elips Life AG and take over as the sole shareholder if the transaction is approved by the Financial Market Authority Liechtenstein (FMA).
The current shareholders LLB and BERAG will resign as shareholders and will in future focus on working with Elips Life as a business partner. A new Board of Directors will be appointed soon.
The change in the shareholder structure means that the already excellent collaboration between Elips Life and Swiss Re will become even more pronounced. The synergies and economic benefits of combining the strengths of an independent, flexible insurance company with the expertise and solidity offered by a large reinsurer are obvious advantages and underline the importance of Swiss Re's commitment to Elips Life and its appreciation for the skills of the Elips Life management team, which was strengthened in 2011.
As it wants to follow a uniform strategy in all its European country markets, Elips Life is currently revising its corporate identity and marketing image.