Swiss Reinsurance Company (Swiss Re) has agreed to buy 48% stake in the life assurance company Elips Life owned by Liechtensteinische Landesbank (LLB).
Vaduz-based Elips Life offers solutions for transferring risk in relation to the second and third pillars of the Swiss pension system. It was founded in 2008 by its two main shareholders, LLB and Swiss Re.
LLB said the sale of Elips Life to its second main shareholder will secure its continuing business operations in their entirety for its clients and employees.
The transaction also includes an agreement between the two main shareholders. LLB will continue to offer selected Elips Life products even after its stake has been sold.
LLB member of the board of management and head domestic and institutional markets Urs Muller said the sale of this investment reflects their efforts to focus unequivocally on their core business in the private banking, asset management, and fund and trust services sectors as well as a universal bank.
"The LLB will also continue to focus on its consultancy services in the areas of private financial planning and occupational pension provision," added Muller.
The transaction, which still requires the approval of the supervisory authorities, is expected to be completed in the fourth quarter of 2011.