Swiss Re buys Rio Tinto Alcon liability reinsurance captive
Swiss Re has completed its acquisition of Champlain Reinsurance Company (CRC), a redundant Swiss-based run-off reinsurance captive of Alcan Holdings Switzerland. Alcan, which manufactures packaging for the food and pharmaceutical industries, is a member of Rio Tinto Alcan, the aluminium division of the mining giant.
According to Swiss Re, the remaining CRC reinsurance liabilities consist mainly of general liability and workers’ compensation exposures of the Rio Tinto Alcan Group from continental Europe, the US and Canada.
“The acquisition demonstrates Swiss Re’s strong capabilities in designing and reliably executing individual solutions for the legacy challenges of our business partners,” wrote Janic Schilling, vice president for reinsurance legacy and M&A transactions in an update.
“We would like to use this opportunity to thank Rio Tinto Alcan and Aon’s Captive & Insurance Management for the trustful and collaborative execution of this transaction. “