Swiss Re Admin Re® agrees to sell US subsidiary Aurora to
RGA
21 October 2014, Zurich
Swiss Re Admin Re® announces the sale of its US subsidiary
Aurora National Life Assurance Company to Reinsurance Group of
America, Incorporated (RGA).
RGA has agreed to acquire 100% of the stock of Aurora National
Life Assurance Company, a wholly owned life insurance subsidiary of
Swiss Re. Aurora is part of the US business retained by Admin Re®
following the sale of its US Admin Re® holding company Reassure
America Life Insurance Company (REALIC) to Jackson National Life
Insurance Co in September 2012.
The sale involves approximately 82 000 policies in force and USD
2.7 billion in policyholder liabilities.
John R. Dacey, Swiss Re's Group Chief Strategy Officer and
Chairman of Admin Re®, says: "This transaction is an important step
in Swiss Re's strategy to redeploy capital to areas where we see
growth opportunities and which deliver attractive shareholder
returns. Admin Re® will continue to focus on the UK, where we have
developed a solid pipeline of potential acquisitions and
successfully signed a transaction with HSBC earlier this year."
Admin Re® has seen significant growth in its UK portfolio since
the start of the year, reinsuring 400 000 individual and group
pension and related annuity policies with GBP 4.2 billion in
unit-linked assets from HSBC Life (UK) Ltd.
The sale of Aurora is expected to close in early 2015 and is
subject to approval by the relevant regulators.
Swiss Re Admin Re®
Admin Re® provides risk and capital management solutions by
which Swiss Re acquires closed books of in-force life and health
insurance business, entire lines of business, or the entire capital
stock of life insurance companies. Swiss Re assumes responsibility
for all risks of the acquired block of business and typically
assumes responsibility for administering the underlying policies.
Supported by the capital strength and risk diversification of the
Swiss Re Group and its companies, Admin Re® solutions help clients
free up capital to redeploy to new business opportunities while
reducing administrative burdens. Swiss Re is a leader in this field
having proven its execution capability with more than 50
transactions since 1998 spanning a range of product types. For more
information about Admin Re®, please visit:
www.swissre.com/adminre.
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