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Swiss Re files to take control of Mapfre US life unit

Units of Swiss Re AG have filed an application with the Delaware Department of Insurance to take control of a U.S. life insurance subsidiary of Mapfre SA.

The regulator plans to convene a public hearing April 16 regarding the proposal by Swiss Re Ltd., Swiss Re Life Capital Ltd., Swiss Re Life Capital Americas Holding and Elips Life Americas Inc. to acquire or merge with MAPFRE Life Insurance Co.

No additional information regarding the proposal was available and neither the buyer nor the seller returned messages seeking comment. The Delaware Department of Insurance declined to provide immediate access to the application.

Published reports stated that a potential sale of MAPFRE Life was among the various actions Mapfre has employed to restructure its U.S. operations so as to focus on its core markets and business lines. The company also retained an investment banking firm to shop a U.S. property and casualty subsidiary, MAPFRE Insurance Co. of New York.

MAPFRE Life had $22.6 million in net admitted assets and $20.4 million in surplus as of Dec. 31, 2017. It reported only $381,770 of net life, annuity and accident and health premiums written for the year.

MAPFRE USA Corp. Inc. acquired Perico Life Insurance Co. from HCC Insurance Holdings Inc. and renamed the company MAPFRE Life in 2014. According to the management's discussion and analysis section of its 2016 annual statement, MAPFRE Life subsequently sought to market a simplified issue term life product to the property and casualty customers of its U.S. affiliates. It assumed a block of term life business from a unit of Reinsurance Group of America Inc., then retroceded 90% of the book to a Spain-based affiliate.

According to Swiss Re's website, Elips Life is a primary life insurance company that specializes in corporate customer business in the European market.