Swiss Re has agreed to buy a life insurance portfolio in the U.K. The transaction will more than double the amount of assets it manages in the U.K.
Swiss Re will pay £650 million to Legal & General for 1.1 million life insurance portfolios, the company said in a statement today. Swiss Re is the world’s second-largest reinsurer after Munich Re.
Assets under management will more than double to £77 billion from a previous £33 billion thanks to the transaction, which has yet to receive regulatory approval. Swiss Re unit ReAssure will manage the life insurance portfolio acquired from Legal & General.
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