Swiss Re has completed the sale of its wholly owned subsidiary Fox-Pitt, Kelton (FPK) to an investor group led by J.C. Flowers & Co. LLC and by FPK management. Swiss Re will hold a minority interest in the new company.
The deal was finalized earlier this year (See IJ Website Feb.13), and has been awaiting regulatory approval. It closed on June 28. 180 employees will join the new company.
“FPK was instrumental in building Swiss Re’s current capital market capabilities, but the broker-dealer activity does not add to Swiss Re’s core focus,” indicated Swiss Re CEO Jacques Aigrain. “FPK’s new management is well positioned to grow the newly formed company further.”
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