(Bloomberg) — Swiss Re Ltd., the world's second-biggest reinsurer, agreed to buy a Chinese unit of the U.K.'s RSA Insurance Group Plc as it shifts capital to regions with higher premium growth prospects.
The company, based in Zurich, is buying Sun Alliance Insurance (China) Ltd. for 71 million pounds ($122 million), according to a statement today. The acquisition, which is subject to regulatory approval, will enable Swiss Re to offer corporate insurance directly from mainland China.
Swiss Re is expanding in faster-growing markets such as China, Indonesia and Brazil to increase the portion of premiums from those regions to between 20% to 25% by 2015 from 18% last year, it said.
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