ZURICH Swiss Re SRENH.VX, the world's second-biggest reinsurer, is buying around 1.6 billion pounds ($2.63 billion) of assets from American Life Insurance Company in a bid to boost the market presence of its Admin Re unit.
The acquisition is the latest in a string of deals for the Admin Re business, which has done more than 50 transactions globally since 1998.
Swiss Re is buying around 300,000 policies with total assets of around 1.6 billion pounds, the group said, adding further deals in this unit are likely.
"Admin Re will continue to extend its global market presence by executing transactions to support selective growth in global markets," Swiss Re said.
Admin Re is one of Swiss Re's three units through which the company buys blocks of in-force life and health insurance business, giving the Zurich-based reinsurer a diversified income stream.
(Reporting by Katie Reid; Editing by Erica Billingham)