Swiss Re has completed the acquisition of Barclays Life Assurance Company Ltd. for a cash purchase price of £762 million ($1.235 billion). Swiss Re noted that the transaction was first announced on August 5, 2008 and that it has now “received all the required regulatory approvals.”
“In purchasing Barclays Life, Swiss Re has acquired around 760 000 life insurance and pension policies and annuity contracts, representing approximately £6.8 billion [$11 billion] in invested assets. Barclays Life has been closed to new business since 2001.”
Swiss Re added that the “transaction provides further scale and infrastructure for Swiss Re’s Admin Re® business in the United Kingdom and underlines Swiss Re’s role as a leading player in the origination, transfer and trading of insurable risks. 13 Barclays Life employees transferred to Swiss Re on completion.”
Source: Swiss Re – www.swissre.com
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