Swiss Re to acquire Falcon Asset Management

Swiss Re has agreed to purchase Falcon Asset Management, based in Baltimore, MD, from USF&G Corporation, a wholly owned subsidiary of The St. Paul Companies, Inc. for an undisclosed sum. The transaction is expected to be completed by June.

This acquisition advances Swiss Re's strategic aim of developing its business in the field of asset and liability management (ALM). Combining the proven ALM capabilities of Falcon with Swiss Re's existing expertise and client base will give Swiss Re a commanding position in this increasingly important area.

Making the announcement, Swiss Re says, "Insurance ALM is a highly specialized field, requiring an in-depth understanding of our clients' businesses and the complex interaction of their asset and liability risks. Armed with this understanding we can help our clients to develop an optimal asset allocation strategy." The company expects the initiative to help broaden its existing business relationships and further reinforce its reputation as a wholesale financial services provider.