June 11 (Bloomberg) — Swiss Re Ltd., the world's second- biggest reinsurer, agreed to buy the U.K. pensions business of HSBC Holdings Plc for an undisclosed sum.
Underlying assets under management forming part of the deal are valued at about 4.2 billion pounds ($7.1 billion) at the end of last year, the companies said in statements today. The transaction, between HSBC Life (UK) Ltd. and Swiss Re's Admin Re unit, is scheduled to be completed in the second half of 2015.
Admin Re, one of the three business pillars of Zurich-based Swiss Re, buys and manages blocks of closed life and health insurance funds, mainly in the U.S. and the U.K., which no longer sell new contracts. The unit has been looking for joint- venture partners after merger talks with Phoenix Group Holdings failed in November.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
