Admin Re to buy Guardian Financial for £1.6bn
Admin Re, a closed life book consolidator owned by Swiss Re, is to buy Guardian Financial Services Europe from private equity company Cinven for £1.6 billion.
Swiss Re said the acquisition will enhance Admin Re's position as a leading closed life book consolidator in the UK, with over four million policies in force. It will also allow Admin Re to further diversify its business and increase its assets and reserves.
The deal will see Admin Re add 900,000 annuity, life insurance and pension policies in the UK and Ireland. This will bring the policy count of Admin Re's UK business to more than four million.
Michel Liès, Swiss Re's group chief executive officer, said: "This acquisition is an excellent opportunity for Admin Re to further enlarge its successful business and diversify its portfolio. It is proof that we can deliver on our ambitions to seek profitable growth opportunities for Admin Re in the UK.
“The expected returns exceed our profitability targets for new business and represent an excellent fit with our group strategy as well as with Admin Re's capabilities and existing infrastructure."
David Cole, Swiss Re's group chief financial officer, said: "This acquisition is in line with Admin Re®'s strategic goals as well as with our multi-year financial planning. We will continue to remain well capitalised and our economic solvency ratio will remain comfortably above our risk tolerance.”
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