Swiss Re subsidiary Admin Re has agreed to purchase UK’s life insurance consolidation business, Guardian Holdings Europe, from private equity firm Cinven, for around £1.6bn.


Guardian Holdings Europe is the holding firm for operations trading under the name Guardian Financial Services.

The acquired business is expected to enhance Swiss Re’s position as a closed life book consolidator in the UK.

Swiss Re group president Michel Liès said: "This acquisition is an excellent opportunity for Admin Re to further enlarge its successful business and diversify its portfolio."

According to Swiss Re, Admin Re and Guardian are both buyers and consolidators of blocks of in-force life and pension insurance business.

The acquired business will add around 900, 000 annuity, life insurance and pension policies to Admin Re in the UK and Ireland. Guardian currently has around £20bn of assets under management.

Admin Re CEO Bob Ratcliffe said: "We’re very proud to be taking on Guardian’s policyholders and staff delivering the same seamless service that we bring to our current 3.4 million customers."

In November 2011, Cinven acquired Guardian from Aegon, which provides life insurance, pensions and asset management.

Subject to regulatory approval, the deal is expected to complete in early 2016.

Swiss Re provides reinsurance, insurance and other insurance-based services for mid-to-large-sized corporations and public sector clients, as well as insurance firms.

Image: Swiss Re subsidiary Admin Re to acquire Guardian Financial Services. Photo: courtesy of stockimages/