International reinsurer, Swiss Re announced on Friday that it has agreed to acquire a group of companies which together comprise the GE Life business of General Electric Company (GE).
The cash purchase price is GBP465 million, including GBP260 million for statutory net assets. The transaction will provide further scale and infrastructure for Swiss Re’s Admin ReSM business in the United Kingdom and is Swiss Re’s largest Admin ReSM deal to date.
Swiss Re will acquire around 400,000 policies with total assets of approximately GBP8 billion. The portfolio is composed primarily of savings and income retirement planning products. It also includes the National Mutual Fund acquired by GE Life in 2002.
Completion is anticipated by the end of 2006, subject to regulatory approvals.
According to Swiss Re, GE Life will continue to write new business through financial advisers, under a new brand name to be announced in 2007.
A comprehensive report in our Intelligence Report series looking at offshore insurance is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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