Swiss Re strengthens Admin Re???s presence

Swiss Re has entered into an agreement to acquire through its Admin Re business unit over 400,000 individual and group pension and related annuity policies as well as GBP4.2 billion in unit-linked assets from HSBC Life (UK) Ltd. 

John R. Dacey, Chairman of Admin Re and member of the Swiss Re Group Executive Committee, says: "This transaction is an attractive opportunity for Admin Re and confirms our commitment to execute on the strategy to grow the Admin Re business in the UK.  Transactions such as this allow Admin Re to maintain and increase the scale of its business and provide attractive shareholder returns."

The transaction, which is subject to regulatory and Court approval, is expected to be completed in the second half of 2015.  As part of the transaction, Swiss Re has also entered into a reinsurance agreement with HSBC, which transfers the economic risks and rewards of the business to Swiss Re from January 1, 2014 until completion of the transaction.