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The Actuary The magazine of the Institute & Faculty of Actuaries

Swiss Re acquires Barclays Life business

Swiss Re has acquired the insurance operation of Barclays via its closed fund vehicle Admin Re. Paying £753m in a cash deal, Swiss Re said it would acquire 760 000 new policies which Barclays closed to new business in 2001.

Forecasting greater demand for life and non-life run-off solutions, CEO Jacques Aigrain said: “The difficult market environment also creates new opportunities. Underpinned by its strict underwriting discipline, expansion in emerging markets and new product offerings, Swiss Re has the execution capability and capital strength to seize these opportunities.”