New Admin Re® transaction in the UK: Swiss Re to acquire selected life insurance business from American Life Insurance Company

01 June 2011, Zurich

Swiss Re will acquire approximately 300 000 policies and GBP 1.6 billion in assets from American Life Insurance Company. The transaction demonstrates Swiss Re's commitment to strengthening its Admin Re® market presence.

The acquisition builds on Swiss Re’s successful track record in completing more than 50 Admin Re® transactions globally since 1998. The business that will be transferred from American Life Insurance Company, amounts to approximately 300 000 policies with total assets of around GBP 1.6 billion.

"This transaction meets Admin Re®’s rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business," says David Blumer, Swiss Re's Executive Board member and Chairman of Admin Re®. "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," he adds.

Admin Re® is one of Swiss Re's three Business Units, through which the company acquires blocks of in-force life and health insurance business, providing a diversified stream of income for Swiss Re.

Admin Re® will continue to extend its global market presence by executing transactions to support selective growth in global markets. In line with its commitment to operational excellence and its strategy of extracting maximum value from existing closed books, Admin Re® is focused on further strengthening its class-leading disciplines in asset management, capital management and portfolio and risk factor management.

 

Swiss Re Ltd

Effective 20 May 2011, Swiss Re Ltd is the holding company of the Swiss Re Group of companies.

 

Swiss Reinsurance Company Ltd

Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 20 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “A+“ by Standard & Poor’s, “A1” by Moody’s and “A” by A.M. Best.