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Swiss Re announced today that its subsidiary ReAssure Group plc has agreed to acquire the UK closed book business of Quilter plc, consisting of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited, including about 300 employees. The total consideration of the transaction is GBP 425 million. The acquisition will add over 0.2 million customer policies and GBP 12 billion of assets to ReAssure's platform. |
The transaction will increase ReAssure's total policy count to 4.5 million and assets under administration to GBP 81 billion(1). The acquisition will be funded from ReAssure's internal resources and is expected to be completed by the end of 2019, subject to regulatory approval. ReAssure expects the transaction to deliver substantial synergies and increase future cash generation potential. Thierry Léger, CEO of Swiss Re's Life Capital Business Unit, said: “This acquisition continues ReAssure's success in capturing attractive opportunities in a rich pipeline of potential transactions and demonstrates the strength of its business model and management team. We remain fully supportive of ReAssure as the company continues to pursue its growth strategy and build its cash generating capacity.“ (1) Includes 1.0 million policies and GBP 28 billion of assets of Legal & General Group Plc as of 31 December 2018, on a pro forma basis. |
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