Connecting...

W1siziisijiwmtkvmdgvmdcvmtyvmjgvmzgvmjq5l3nodxr0zxjzdg9ja18xotuwmzc0njyuanbnil0swyjwiiwidgh1bwiilciymdawedqwmcmixv0

Swiss Re acquires Quilter’s UK closed book business

August 05, 2019

Swiss Re’s subsidiary, ReAssure Group plc is acquiring Quilter’s UK closed book business, consisting of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited, including about 300 employees, for a total consideration of £425mn.

Swiss Re says the acquisition will add over 200,000 customer policies and £12bn of assets to ReAssure's platform. The transaction will increase ReAssure's total policy count to 4.5mn and assets under administration to £81bn. ReAssure expect the transaction to deliver substantial synergies and increase future cash generation potential. 

The deal is to be funded from ReAssure’s own cash resources and is expected to be completed for the end of 2019, subject to regulatory approval.

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.”

Paul Feeney, CEO of Quilter, said: "I am delighted we have agreed to sell Quilter Life Assurance to ReAssure. ReAssure is a highly regarded manager of closed book assets and has the experience to deliver continued high quality investment and administration services to clients of Quilter Life Assurance. The Quilter Board is currently minded to return a meaningful proportion of the net surplus proceeds arising from the transaction to shareholders and will consult with them on the most appropriate means of undertaking this."