Swiss Re has announced plans to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International for an undisclosed sum.

Concurrently, the reinsurance giant has agreed to form a long-term reinsurance partnership for elipsLife’s in-force and new business.

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elipsLife is an insurance company aimed at institutional clients such as pension funds, collective foundations, companies, and associations.

The wholly-owned subsidiary of Swiss Re is focused on insurance offerings that cover the financial losses because of illness and accidents.

Headquartered in Vaduz, Liechtenstein, elipsLife specialises in occupational and private pension offerings for death and disability risks.

The life insurer has been part of Swiss Re’s Business Unit Corporate Solutions since 2020.

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Swiss Re Corporate Solutions CEO Andreas Berger said: “We are very pleased to have found the perfect partner in Swiss Life to take elipsLife into a successful future. The sale will allow Corporate Solutions to focus on continuing the strong performance of our core commercial insurance business. At the same time, Swiss Re will keep exposure to an attractive risk pool via a long-term reinsurance partnership with Swiss Life.”

The deal, which will see Swiss Life will acquire elipsLife, does not include the medical business of Elips Versicherungen AG in Ireland.

Subject to closing conditions and regulatory approval, the deal is expected to complete in the first half of 2022.

Swiss Life International CEO Nils Frowein said: “The partnership will significantly strengthen our Employee Benefits offering in Europe and will contribute to our risk and fee result which is fully aligned with Swiss Life’s strategy.”