Swiss Re To Close Taiwan Branch - Taiwan Financial Regulator

Date : 10/22/2009 @ 11:49PM
Source : Dow Jones News
Stock : Reinsurance Grp. of America, Incorporated (RGA)
Quote : 127.28  -0.75 (-0.59%) @ 4:02PM

Swiss Re To Close Taiwan Branch - Taiwan Financial Regulator

Reinsurance Group America (NYSE:RGA)
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Swiss Reinsurance Co. (SWCEY) will close its Taiwan branch as part of efforts to reduce its global workforce by 10%, Taiwan's Financial Supervisory Commission said Thursday.

The layoffs come after the reinsurer posted an annual net loss of CHF1 billion in 2008.

The regulator said following Swiss Re's exit, Taiwan will have three reinsurance companies: Central Reinsurance Corp. (2851.TW), Reinsurance Group of America Inc. (RGA) and Cologne Reinsurance Company (Dublin) Ltd.

-By Mason Wu, Dow Jones Newswires; +8862-2502-2557; mason.wu@dowjones.com

 
 



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