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July 30, 2001 at 08:00 PM
NU Online News Service, July 30, 10:35 a.m. – Swiss Reinsurance Company, Zurich, has agreed to acquire Lincoln National Reassurance Company, Fort Wayne, Ind., from its parent company, Lincoln National Corp., Philadelphia, for $2 billion.
Swiss Re will combine the Lincoln life reinsurance operations with the Swiss Re North American Life & Health unit, Swiss Re says.
Lincoln is selling Lincoln Re to focus on selling life insurance and asset management services, according to Lincoln Chairman Jon Boscia.
“Going forward, Lincoln will use its capital to implement an aggressive, yet disciplined, acquisition strategy and to continue its expanded stock buyback program,” Boscia said in a statement.
The Lincoln board has also authorized a $500 million securities buyback, Boscia said.
