Swiss Re’s Admin Re to Acquire HSBC’s UK Pension & Annuity Policies

Swiss Re’s Admin Re unit has agreed to acquire individual and group pension and related annuity policies from HSBC Life (UK) Limited. Swiss Re said the transaction is scheduled to close in the second half of 2015.”

The agreement concerns over 400,000 individual and group pension and related annuity policies as well as £4.2 billion [$7.067 billion] in unit-linked assets from HSBC Life (UK) Ltd.

Admin Re is one of Swiss Re’s three business units. It acquires blocks of in-force life and health insurance business.

Swiss Re also said that as part of the transaction it has also entered into a reinsurance agreement with HSBC to transfer the economic risks and rewards of the business to Swiss Re from January 1, 2014 until completion of the transaction.

Source: Swiss Re