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Swiss Re Unit Agrees to Buy HSBC Life U.K. Pension Business

Swiss Re Ltd., the worlds second- biggest reinsurer, agreed to buy the U.K. pensions business of HSBC Holdings Plc for an undisclosed sum.

By Carolyn Bandel, Bloomberg | Updated on June 11, 2014

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.

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