Swiss Re Corporate Solutions is to acquire Assetinsure’s aviation insurance business.

The reinsurer already owns a majority interest in the portfolio. Assetinsure has managed the business as managing general agent and minority owner since 2010.

Following the acquisition, Swiss Re will own 100% of the general aviation and aerospace portfolio in Australia, New Zealand and parts of the Pacific.

Swiss Re Corporate Solutions Country Manager for Australia and New Zealand Adam Cox says his company and Assetinsure have worked closely for the past five years.

“The full integration of our strong underwriting skills and Assetinsure’s advanced market knowledge will further enhance our capabilities and expertise across the region,” he said.

The acquisition will add a Brisbane office to Swiss Re’s offices in Sydney and Melbourne.

Swiss Re’s global aviation team operates from eight locations in North America, Europe and Asia-Pacific.

Last month Auckland-based specialty insurance and reinsurance group CBL Corporation announced the acquisition of Assetinsure, the largest surety bond insurer in Australia. The transaction is due to settle this month.