Swiss Re Completes Admin Re Acquisition of CNA’s Individual Life Insurance Business

May 3, 2004

Swiss Re announced that it has completed its previously announced Admin Re acquisition of CNA Financial Corp.’s individual life insurance business for approximately $700 million.

“The in force business, which will be put into run-off, includes term, universal and permanent life insurance policies and individual annuity products,” said the bulletin.

“The completion of this transaction strengthens our life and health business in North America,” stated Weldon Wilson, CEO of Swiss Re Life & Health America Inc. “The acquisition is consistent with Swiss Re’s strategy to expand our business, specifically in the area of administrative reinsurance, which continues to be an important element of our growth,”

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