P.M. BRIEFING : Swiss Insurer Buys Into Reliance
From Times Wire Services
ZURICH, Switzerland —
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.
