Zurich, Switzerland – Swiss Re entered into an agreement that gives it the right to sell the new business operations of Tomorrow, the recently re-branded GE Life to LV= (formerly known as Liverpool Victoria). Subject to the exercise of the appropriate option, and satisfaction of various regulatory and other conditions, the sale is expected to be completed in December 2007.
Upon sale, LV= would take on the new business operations of Tomorrow, which Swiss Re acquired in December 2006. LV= is committed to further developing this business. Around 220 employees would transfer to LV= as part of the transaction.
"LV= will invest in the people and products required to grow these lines of business. This agreement honours the commitment we made to the market, employees and customers to maintain this business as a going concern," says Weldon Wilson, global head of Admin Re and chairman of Tomorrow.
Source: Swiss Re
