15th Oct 2007 14:20
Swiss Reinsurance Company15 October 2007 Swiss Re confirms interest in certain closed-books ofResolution Swiss Reinsurance Company ("Swiss Re") confirms it is in discussions withStandard Life PLC ("Standard Life") in relation to the possibility of enteringinto an agreement to purchase certain closed-books of Resolution PLC's ("Resolution") life business should Standard Life make an offer to acquireResolution. These discussions are consistent with Swiss Re's strategy to seekattractive opportunities to expand its Admin Re(R) business. No bindingcommitments have yet been entered into regarding the terms of such atransaction, and consequently there can be no assurance that Swiss Re willparticipate in any such transaction or otherwise participate in any offer forResolution, or as to the terms of any such transaction. Should a transactiontake place, Swiss Re will acquire for a fixed price to be agreed certain booksof business currently owned by Resolution. A further announcement may be made ifand when appropriate. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Standard Life or of Resolution all "dealings" in any "relevant securities" of that company (including by means of anoption in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30 pm (London time)on the London business day following the date of the relevant transaction. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding,whether formal or informal, to acquire an "interest" in "relevant securities" ofStandard Life or Resolution, they will be deemed to be a single person for thepurpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Standard Life or Resolution by Standard Life or Resolution, or byany of their respective "associates", must be disclosed by no later than 12.00noon (London time) on the London business day following the date of the relevanttransaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. Notes to editors Swiss Re Swiss Re is the world's leading and most diversified global reinsurer. Thecompany operates through offices in more than 25 countries. Founded in Zurich,Switzerland, in 1863, Swiss Re offers financial services products that enablerisk-taking essential to enterprise and progress. The company's traditionalreinsurance products and related services for property and casualty, as well asthe life and health business are complemented by insurance-based corporatefinance solutions and supplementary services for comprehensive risk management.Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and "A+" by A.M.Best. Admin ReSM Admin ReSM is a core line of business for Swiss Re. This risk and capitalmanagement solution involves the acquisition of life insurance companies or thereinsurance of books of life and health policies. In addition to assuming theinsurance risk, Swiss Re typically assumes responsibility for policyadministration. For further information visit www.swissre.com/adminre. Cautionary note on forward-looking statements Certain statements and illustrations contained herein are forward-looking. Thesestatements and illustrations provide current expectations of future events basedon certain assumptions and include any statement that does not directly relateto a historical fact or current fact. Forward-looking statements typically areidentified by words or phrases such as "anticipate", "assume", "believe","continue", "estimate", "expect", "foresee", "intend", "may increase" and "mayfluctuate" and similar expressions or by future or conditional verbs such as"will", "should", "would" and "could". These forward-looking statements involveknown and unknown risks, uncertainties and other factors, which may cause SwissRe's actual results, performance, achievements or prospects to be materiallydifferent from any future results, performance, achievements or prospectsexpressed or implied by such statements. Such factors include, among others: • the impact of significant investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection withany such transactions, including, in the case of acquisitions, issues arising inconnection with integrating acquired operations; • cyclicality of the reinsurance industry; • changes in general economic conditions, particularly in our core markets; • uncertainties in estimating reserves; • the performance of financial markets; • expected changes in our investment results as a result of the changed composition of our invested assets or changes in our investment policy; • the frequency, severity and development of insured claim events; • acts of terrorism and acts of war; • mortality and morbidity experience; • policy renewal and lapse rates; • changes in rating agency policies or practices; • the lowering or withdrawal of one or more of the financial strength or credit ratings of one or more of our subsidiaries; • changes in levels of interest rates; • political risks in the countries in which we operate or in which we insure risks; • extraordinary events affecting our clients, such as bankruptcies and liquidations; • risks associated with implementing our business strategies; • changes in currency exchange rates; • changes in laws and regulations, including changes in accounting standards and taxation requirements; and • changes in competitive pressures. These factors are not exhaustive. We operate in a continually changingenvironment and new risks emerge continually. Readers are cautioned not to placeundue reliance on forward-looking statements. We undertake no obligation topublicly revise or update any forward-looking statements, whether as a result ofnew information, future events or otherwise. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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