Swiss Re is likely to lay off up to 15% of its workforce when its acquisition of GE Insurance Solutions is complete. Between the two companies, about 1700 jobs will be lost by the end of 2008 as part of their cost-saving drive. No details have yet been released on which areas the jobs will be cut from.

Swiss Re has announced that the takeover of GE Insurance will result in cost savings of about $300 million.

The deal for the merger is expected to be finalised about midyear.