Magazine date:
Apr 2016 Swiss Re has started talks for the takeover of American life reinsurer Prime Reinsurance (Prime Re), subsidiary of Citigroup Incorporation. No agreement has so far been concluded but the sale price should be set around 500 million USD.
Citigroup has been planning on selling Prime Re for nearly a year now. The banking group, strained by the financial crisis, decided to get to the bottom of the trade and to start a series of asset transfers deemed to be non-strategic.