Zurich, Switzerland, August 30, 1999 - ABB, the global technology and engineering group, said today it has agreed to acquire, through its Sirius International Insurance Corp., the Belgium-based Kemper Europe Réassurances S.A. from GE Reinsurance Corporation. The purchase price was not disclosed.
The acquisition of Kemper Belgium, which offers reinsurance services primarily to European customers, allows Sirius to expand beyond its base in the Nordic countries. Sirius is part of ABB's Financial Services segment.
ABB <http://www.abb.com> is a globalized technology and engineering company serving customers in power transmission and distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; and in financial services. Power generation customers are served by the joint venture ABB ALSTOM POWER. The ABB Group employs about 175,000 people in more than 100 countries.
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