Swiss Re To Close Taiwan Branch - Taiwan Financial Regulator
October 22 2009 - 11:49PM
Dow Jones News
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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