Investment - Articles - ReAssure agrees to acquire Quilters UK closed book business


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. 

Back to Index


Similar News to this Story

Rising number concerned about intergenerational planning
Research from HSBC Life (UK) for its new report, The Three I’s of Investable Capital 2025, reveals 80% of clients are now concerned about intergenerat
Homeowners with GBP300k mortgage doubles in last 7 years
In London, that proportion has grown from 17% to 28% over the same period. Over a fifth (22%) of those with the opportunity to move or buy mortgage pr
Royal London complete BPA transaction with London Waste
The £22 million transaction covers around 200 members. The trustees were advised by Hymans Robertson and Squire Patton Boggs. This is Royal London’s t

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.