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GENERAL RE TO ACQUIRE ZUG, SWITZERLAND BRANCH OF ALLSTATE REINSURANCE

 GENERAL RE TO ACQUIRE ZUG, SWITZERLAND BRANCH OF ALLSTATE REINSURANCE
 STAMFORD, Conn., June 23 /PRNewswire/ -- General Reinsurance Group and Allstate Insurance Company announced that they have reached an agreement in principle for General Re to acquire the business of the Zug, Switzerland branch of Allstate Reinsurance Co., Limited (ARCO), a subsidiary of Allstate Insurance Company.
 General Re said that the acquisition is part of its plan to expand operations in Europe. The business would be consolidated with the business of General Re's Swiss subsidiary, General Reinsurance Corporation (Europe), and would increase the premium writings of that company by as much as 50 percent.
 Allstate will continue to underwrite reinsurance in both the United States and London markets.
 Swiss Bank Corporation is acting as advisor to Allstate in this sale. The transaction would not be material to either of the parent companies, Sears, Roebuck and Co. or General Re Corporation.
 -0- 6/23/92
 /CONTACT: Edmond F. Rondepierre of General Reinsurance, 203-328-5845, or Kathleen Hogan of Allstate Insurance, 708-402-5600/
 (GRN) CO: General Reinsurance Group; Allstate Insurance Company ST: Connecticut IN: INS SU: TNM


PS -- NY086 -- 3023 06/23/92 17:29 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:191
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