Global reinsurer Swiss Re has said that it will acquire approximately 300 000 policies and GBP1.6bn in assets from American Life Insurance, strengthening its Admin Re market presence.
Admin Re is one of Swiss Re’s 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.
Since 1998, Admin Re has completed more than 50 transactions globally, Swiss Re claims.
Swiss Re executive board member and chairman of Admin Re David Blumer said that this transaction meets Admin Re’s rigorous assessment criteria and confirms its commitment to being a recognized force in the closed life book business.
"Transactions like this allow life insurance companies to monetize the value of in-force blocks of business, while providing Swiss Re with attractive, diversified returns," Blumer said.