Swiss Re’s Admin Re to acquire Guardian Financial Services for GBP 1.6 billion

Swiss Re’s business unit Admin Re® has agreed to acquire Guardian Holdings Europe Limited, the holding company for operations trading under the name Guardian Financial Services (“Guardian”) from private equity company Cinven for GBP 1.6 billion. The acquisition will extend Admin Re®’s position as a leading closed life book consolidator in the UK, with over four million policies in force.

As a result of the acquisition, Admin Re® will further diversify its current business and increase its assets and reserves.

Closing of the acquisition is subject to regulatory approval and could be completed in early 2016.

Admin Re and Guardian are both buyers and consolidators of blocks of inforce life and pension insurance business. With this acquisition of Guardian, Admin Re will add 900 000 annuity, life insurance and pension policies in the UK and Ireland.

Michel M. Liès, Swiss Re’s Group Chief Executive Officer, says: “This acquisition is an excellent opportunity for Admin Re® to further enlarge its successful business and diversify its portfolio. It is proof that we can deliver on our ambitions to seek profitable growth opportunities for Admin Re® in the UK. The expected returns exceed our profitability targets for new business and represent an excellent fit with our Group strategy as well as with Admin Re®’s capabilities and existing infrastructure.”

This will bring the policy count of Admin Re’s UK business to over four million and strengthen its established business.

Source: AIP News Bureau

Date: 23rd September 2015

Source: AIP News Bureau

Date: 23rd September 2015

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