Swiss Re Buys Quilter's Life & Pension Units For £425M

Law360, London (August 5, 2019, 2:33 PM BST) -- Swiss Re Group said Monday that ReAssure, its British subsidiary, will buy closed-book life insurance and pensions units from Quilter PLC for £425 million ($517 million), after it dropped plans in July to float ReAssure shares amid a cool reception from investors.

ReAssure Group has agreed to buy Old Mutual Wealth Life Assurance and its subsidiary, Old Mutual Wealth Pensions Trustees, from Quilter, a financial services company. The deal will bring in 200,000 new customer policies and assets of £12 billion, Swiss Re said.

“This acquisition continues ReAssure's success in capturing attractive opportunities in a rich pipeline of potential transactions,” said Thierry...

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