Giant re-insurer Swiss Re will buy 300,000 in-force life policies from American Life Insurance Company (Alico).
The acquisition brings £1.6bn in assets to Swiss Re via Admin Re, the vehicle it uses to buy closed books of business. This deal is the latest in a string of over 50 purchases by Admin Re since 1998. The business buys up closed book business to provide the re-insurer with a diversified income stream. "This transaction meets Admin Re's rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business," said David Blumer, chairman of Admin Re. MetLife bought Alico for £10.3bn in March 2010.
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