Swiss Re has gained permission from the European Commission to buy US-based GE Insurance Solutions for $US7.5 billion ($9.87 billion).

The commission said the transaction would not significantly impede effective competition in the European Economic Area, and that although the two groups overlap in the provision of life and non-life reinsurance services, their combined market share is moderate and there is competition in the sector.

Under the terms of the deal, Swiss Re will assume $US1.7 billion ($2.33 billion) of GE Insurance Solutions’ debt.