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Reinsurer Swiss Re’s business unit Admin Re, to buy Guardian Financial Services for $2.45 billion

Swiss Re AG, the reinsurer will buy Guardian Financial Services, strengthening the British business of its unit that buys and manages closed life insurance policies. It is the latest tie-up in the sector as reinsurers, which help insurance companies cope with big damage claims from hurricanes or earthquakes, turn to mergers for growth in the face of falling prices. Admin Re, which is Swiss Re’s business unit will buy Guardian from private equity firm Cinven for 1.6 billion pounds ($2.45 billion). Swiss Re has been on the lookout for acquisitions, especially in Britain for its Admin Re unit. Reinsurers have seen prices slide amid an oversupply of available capital and reduced demand from insurance company clients. The acquisition, which is subject to regulatory approval, could be completed in early 2016 and would be financed from cash on the balance sheet as well as debt financing.

Tags:

M&A,Cinven,Guardian Financial Services,reinsurance,Swiss Re,Admin Re

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