Barclays Life Sold: Swiss Re
Published / Last Updated on 08/09/2008
Barclays Life Sold: Swiss Re
Barclays Life Assurance Company is being sold to Swiss Re for £753m. Barclays Life has been closed to new business since 2001, but the business still generates an annual premium income of about £350m.. Swiss Re will acquire about 760,000 life insurance, pension policies and annuity contracts worth around £6.8bn in invested assets.
Completion is anticipated before 31 October, subject to regulatory approval and 23 people dedicated to Barclays Life will transfer to Swiss Re after the deal.
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