Swiss Re announced that it will acquire approximately 300,000 policies and 拢1.6 billion [$2.62 billon] in assets from American Life Insurance Company.
The transaction reinforces Swiss Re’s “commitment to strengthening its Admin Re庐 market presence,” said the bulletin. It has completed more than 50 Admin Re庐 transactions globally since 1998.
The business that will be transferred from American Life “amounts to “approximately 300,000 policies with total assets of around 拢1.6 billion,” said the bulletin.
David Blumer, Swiss Re’s Executive Board member and Chairman of Admin Re庐 commented: “This transaction meets Admin Re庐’s rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business.
“Transactions like this allow life insurance companies to monetise the value of in-force blocks of business, while providing Swiss Re with attractive, diversified returns,” he added.
Swiss Re explained that Admin Re庐 is one of its “three Business Units, through which the company acquires blocks of in-force life and health insurance business, providing a diversified stream of income for Swiss Re. Admin Re庐 will continue to extend its global market presence by executing transactions to support selective growth in global markets.
“In line with its commitment to operational excellence and its strategy of extracting maximum value from existing closed books, Admin Re庐 is focused on further strengthening its class-leading disciplines in asset management, capital management and portfolio and risk factor management.
Source: Swiss Re
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Topics Mergers & Acquisitions
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