Swiss Re Ltd ADROTCPK - Current
Sep. 23, 2015, 9:30 AM
- Reinsurer Swiss Re (OTCPK:SSREY) is buying Guardian Financial Services from its private-equity owners for £1.6B (about $2.45B) in cash and debt, to boost its business unit's position in UK life business.
- The company's Admin Re unit is a leading closed life book consolidator and will add 900,000 annuity, life insurance and pension policies via the purchase from Cinven, to bring its total business to more than 4M policies, and boost Swiss Re's AUM by £12.5B.
- Admin Re is expecting around $1.7B in gross cash (including synergies) over the first three years.