Posted on 01 Jun 2011
Swiss Re will acquire approximately 300,000 policies and GBP 1.6 billion in assets from American Life Insurance Company. The transaction demonstrates Swiss Re's commitment to strengthening its Admin Re® market presence.
The acquisition builds on Swiss Re’s successful track record in completing more than 50 Admin Re® transactions globally since 1998. The business that will be transferred from American Life Insurance Company, amounts to approximately 300,000 policies with total assets of around GBP 1.6 billion.
"This transaction meets Admin Re®’s rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business," says David Blumer, Swiss Re's Executive Board member and Chairman of Admin Re®. "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," he adds.
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.
Admin Re® 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® is focused on further strengthening its class-leading disciplines in asset management, capital management and portfolio and risk factor management.