The FINANCIAL - Swiss Re completes GBP 762 million acquisition of Barclays Life Assurance Company Ltd

Swiss Re completes GBP 762 million acquisition of Barclays Life Assurance Company Ltd

01/11/2008 02:32 (384 Day 23:42 minutes ago)

The FINANCIAL -- Swiss Re has completed the acquisition of Barclays Life Assurance Company Ltd ('Barclays Life') for a cash purchase price of GBP 762 million.

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According to Swiss Re, the transaction was announced on 5 August 2008 and has received all the required regulatory approvals.

In purchasing Barclays Life, Swiss Re has acquired around 760 000 life insurance and pension policies and annuity contracts, representing approximately GBP 6.8 billion in invested assets. Barclays Life has been closed to new business since 2001.

The transaction provides further scale and infrastructure for Swiss Re’s Admin Re business in the United Kingdom and underlines Swiss Re’s role as a leading player in the origination, transfer and trading of insurable risks.

13 Barclays Life employees transferred to Swiss Re on completion.

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