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Swiss Re takes over Life Re Corp.

Swiss Re, the world's second-biggest life and health reinsurer, has acquired Life Re Corp. of the United States for about $1.8 billion.

Life Re will be incorporated into Swiss Re Life and Health America Inc., strengthening the group's position in the United States and saving about $30 million per year.

Life Re stockholders will receive $95 in cash for each share of Life Re common stock.

Reinsurance is a form of insurance bought by insurance companies to cover their own losses. Buying reinsurance generally allows an insurance company to share risks with other companies, expand business, and gain protection against unexpected catastrophic losses.

Source: Associated Press

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