Swiss Re Admin Re® announces the sale of its US subsidiary Aurora National Life Assurance Company to Reinsurance Group of America, Incorporated (RGA).
RGA has agreed to acquire 100% of the stock of Aurora National Life Assurance Company, a wholly owned life insurance subsidiary of Swiss Re. Aurora is part of the US business retained by Admin Re® following the sale of its US Admin Re® holding company Reassure America Life Insurance Company (REALIC) to Jackson National Life Insurance Co in September 2012.
The sale involves approximately 82 000 policies in force and USD 2.7 billion in policyholder liabilities.
John R. Dacey, Swiss Re's Group Chief Strategy Officer and Chairman of Admin Re®, says: "This transaction is an important step in Swiss Re's strategy to redeploy capital to areas where we see growth opportunities and which deliver attractive shareholder returns. Admin Re® will continue to focus on the UK, where we have developed a solid pipeline of potential acquisitions and successfully signed a transaction with HSBC earlier this year."
Admin Re® has seen significant growth in its UK portfolio since the start of the year, reinsuring 400 000 individual and group pension and related annuity policies with GBP 4.2 billion in unit-linked assets from HSBC Life (UK) Ltd.
The sale of Aurora is expected to close in early 2015 and is subject to approval by the relevant regulators.
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