Swiss Reinsurance Company of Zurich has agreed to acquire Fox-Pitt, Kelton Group, a London-based investment bank, in a stock transaction.

Fox-Pitt, Kelton is to operate as an independent subsidiary after the merger, which is expected to close in early 1999 upon regulatory approval.

The privately held firm focuses on the insurance and banking sectors of the financial services industry. It has 200 employees, mostly in London and New York, specializing in mergers and acquisitions advisory and equity underwriting for financial companies worldwide.

Swiss Re is a reinsurer with more than 70 offices in more than 30 countries. Last year it had an after-tax profit of $1.5 billion.

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