P.M. BRIEFING : Swiss Insurer Buys Into Reliance

From Times Wire Services

Winterthur, one of Switzerland's leading insurers, said today that it has acquired a unit of Philadelphia-based Reliance Insurance Co. for $630 million in cash.

The acquisition of General Casualty Co. of Wisconsin, based in Sun Prairie, Wis., will raise Winterthur's total U.S. premium income to nearly $1.2 billion, the company said.

The deal is subject to approval by U.S. regulators.

General Casualty wrote premiums totaling about $400 million last year in 10 Midwest states.

The other Winterthur subsidiaries in the United States are Southern Guaranty and Republic.

Reliance Insurance is a division of Reliance Group Holdings Inc. of New York.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World