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Swiss Re's ReAssure buys Quilter closed book pension unit for £425 million

Swiss Re's ReAssure buys Quilter closed book pension unit for £425 million
The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann -
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ARND WIEGMANN(Reuters)
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ZURICH (Reuters) – Swiss Re’s <SRENH.S> Britain-based ReAssure unit has agreed to buy the closed book business of Quilter <QLT.L> for 425 million pounds.

The acquisition will add over 200,000 customer policies and 12 billion pounds of assets to ReAssure’s platform, Swiss Re said on Monday.

The business consisted of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited and includes about 300 employees.

The transaction will increase ReAssure’s total policy count to 4.5 million and assets under administration to 81 billion pounds, Swiss Re said.

(Reporting by John Revill, editing by Riham Alkousaa)

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