Swiss Reinsurance Co., the world's second-largest reinsurer, said Friday it will acquire General Electric Co.'s insurance unit for $6.8 billion.

Based in Kansas City, Mo., GE Insurance Solutions had net premiums earned of $6.2 billion in 2004 and total assets of $41.5 billion as of June 2005, excluding GE Insurance Solutions' U.S. life and health business, which will not be part of the transaction.

"Insurance Solutions has been a tough strategic fit for GE," said GE Chairman and Chief Executive Jeff Immelt. "Over the last five years, the Insurance Solutions business has lost $700 million and required the infusion of $3.2 billion of capital."

This is cache, read story here