NU Online News Service, Dec. 22, 2003, 4:01 p.m. EST – Swiss Re Life & Health America Inc., Stamford, Conn., has agreed to pay Computer Sciences Corp., El Segundo, Calif., to handle computing and business services for its Admin Re program for 10 more years.[@@]
The contract extension will generate about $70 million in revenue per year, CSC estimates.
Swiss Re Life buys blocks of life insurance and health insurance policies to help the sellers raise cash and cut unwanted operations. The reinsurer first hired CSC to administer 50,000 policies in 1995.
CSC now administers 2 million Admin Re program policies, CSC says.
Under the new contract, CSC will administer insurance policy processing services for Swiss Re in the United Kingdom as well as in the United States.