Swiss Re acquires 300,000 Alico policies
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Swiss Re has acquired 300,000 life insurance policies and £1.6bn of assets from Alico.
Swiss Re has agreed the deal via its business unit Admin Re, which acquires blocks of in-force life and health insurance business.
In November, Metlife acquired AIG subsidiary Alico for £10.8bn.
Swiss Re executive board member and Admin Re chairman David Blumer says: “This transaction meets Admin Re’s rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business.
“Transactions like this allow life insurance companies to monetise the value of in-force blocks of business, while providing Swiss Re with attractive, diversified returns.”
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