Swiss Re acquires 300,000 American Life policies
by Gill Montia
Story link: Swiss Re acquires 300,000 American Life policies
Swiss Re is acquiring around 300,000 policies and £1.6 billion in assets from American Life Insurance Company.
The transaction involves the reinsurer’s Admin Re unit, which acquires closed blocks of in-force life and health insurance business, either through reinsurance or corporate acquisition, and assumes responsibility for administering the underlying policies.
The group says the move demonstrates its commitment to strengthening Admin Re’s market presence; the subsidiary has completed over 50 acquisitions globally, since its formation in 1998.
Admin Re chairman, David Blumer, comments: “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.”