The Admin Re unit of Swiss Re Ltd. is acquiring a block of about 300,000 policies from American Life Insurance Company (ALICO).
Admin Re is also acquiring the equivalent of about $2.6 billion in ALICO assets, according to Swiss Re, Zurich.
MetLife Inc., New York (NYSE:MET), acquired ALICO from American International Group Inc., New York (NYSE:AIG), for about $18 billion in November 2010. It was not immediately
Admin Re, a Swiss Re unit that acquires closed blocks of life business, has completed about 50 transactions since 1998.
Swiss Re wants to demonstrate its “commitment to strengthening its Admin Re market presence,” Swiss Re says.
Swiss Re notes that Admin Re is in the market for more closed block deals.
“Admin Re will continue to extend its global market presence by executing transactions to support selective growth in global markets,” Swiss Re says.
- Allison Bell