Swiss Re has announced the sale of its US Admin Re holding company to Jackson National Life Insurance for $0.6 billion.
The total cash proceeds from the sale, including a preclosing dividend, will be USD 0.9 billion which is expected to be paid to Swiss Re Ltd.
"After conducting a thorough review of the Admin Re portfolio and evaluating the level of capital allocated to the Admin Re US business, we concluded that we should redeploy the capital in other parts of our business,” said David Blumer, Swiss Re executive committee member and chairman of Admin Re.
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Swiss Re, US Admin Re, Jackson National Life Insurance, life insurance