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Swiss Re Said to Be in Talks to Buy Prime Reinsurance From Citi

General Views Of Swiss Re AG's Headquarters
Photographer: Philipp Schmidli/Bloomberg

Swiss Re AG is in talks to buy Prime Reinsurance Co., a unit of Citigroup Inc. set up after the financial crisis to ease the New York bank’s spinoff of insurer Primerica Inc., people with knowledge of the matter said.

Zurich-based Swiss Re is negotiating a deal that would value the subsidiary -- which does business as Prime Re -- at about $500 million, said one of the people, who asked not to be identified because the information is private. An agreement hasn’t been finalized and talks could still fall through, the people said.