23rd Sep 2015 05:39
ZURICH (Alliance News) - The Swiss Re Group on Wednesday announced that its Admin Re unit has agreed to acquire Guardian Holdings Europe Ltd, the holding company for operations trading under the name Guardian Financial Services, from private equity company Cinven for GBP1.6 billion.
The deal will add 900,000 annuity, life insurance and pension policies to Admin Re's portfolio in the UK and Ireland.
Swiss Re, the Swiss reinsurance group, said the acquisition will extend Admin Re's position as a closed life book consolidator in the UK, with over four million policies in force. As a result of the acquisition, Admin Re will further diversify its current business and increase its assets and reserves.
The deal for Admin Re comes after Phoenix Group Holdings, the FTSE 250-listed closed life funds consolidator, had said last week that it was involved in the bidding for Guardian.
Copyright RTT News/dpa-AFX
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