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News Analysis - Run-off looks good to Swiss Re.
(From Reinsurance)
Byline: Marc Jones.
Swiss Re's purchase of Zurich Life's closed book of business marks both the first time that its Admin Re service has operated outside the US and the first time it has done business in the UK.
At a cost of $240m, Swiss Re will take charge of Zurich Life's 225,000 policies and place them under the Admin Re banner. The deal is expected to be finalised by the end of 2003.
Zurich Life stopped accepting new business at the end of August this year, as the company announced that the deal with Swiss Re was part of its drive to reduce expenses, strengthen its capital reserves and grow new business. Computer Sciences Corporation will act as a third-party administrator, dealing with areas such as customer billing.
Admin Re is a service and is not a separate group within the company.
Swiss Re uses it to acquire closed blocks of in-force life and health insurance business, either through acquisition or reinsurance, and then carry out the administration of the underlying policies.
- Swiss Re to Acquire CNA Financial's Book of Life Insurance Policies in Admin...
- Press release article from: PR Newswire February 5, 2004 700+ words
...one more in a series of Swiss Re's Admin Re(SM) transactions...to further expand our Admin Re(SM) business," said...executive officer of Swiss Re Life & Health America. "We believe that Admin Re(SM) transactions continue...
- Swiss Re to Acquire CNA Financial's Book of Life Insurance Policies in Admin Re...
- Press release article from: Business Wire February 5, 2004 700+ words
...one more in a series of Swiss Re's Admin Re(SM) transactions...to further expand our Admin Re(SM) business," said...executive officer of Swiss Re Life & Health America. "We believe that Admin Re(SM) transactions continue...
- CSC and Swiss Re Life & Health Extend Long-Term Business Process Outsourcing...
- Press release article from: PR Newswire December 22, 2003 700+ words
...policies managed through Swiss Re Life & Health's Admin Re(SM) line of business. Through its Admin Re(SM) programs, Swiss Re acquires closed blocks...Working with CSC, Swiss Re has expanded its Admin Re growth strategy outside...
- Swiss Re Completes Admin Re(SM) Acquisition of CNA's Individual Life Insurance...
- Press release article from: PR Newswire April 30, 2004 700+ words
...30 /PRNewswire/ -- Swiss Re said today that it has...previously announced Admin Re(SM) acquisition of...executive officer of Swiss Re Life & Health America...acquisition is consistent with Swiss Re's strategy to expand...
- OPINION: There's many a Sipp.(reports of Admin Re)(Brief article)
- Magazine article from: Money Marketing October 11, 2007 700+ words
...least of Tomorrow's closed fund, serviced by Admin Re, an offshoot of Swiss Re, learnt last week that they were to lose the chance...conversations that took place between Tomorrow and Admin Re. We would love to know who took the decision to...
- A.M. Best Affirms Financial Strength Ratings of Swiss Re, Revises Outlook to...
- Press release article from: Business Wire December 19, 2008 700+ words
...in required capital for investment risk. Swiss Re's business profile as a globally diversified...provides further scale and infrastructure for Swiss Re's Admin Re([R]) business. Since 2006, Swiss Re has expanded product offering in longevity...
- BREAKING NEWS: Swiss Re snaps up GE Life group for #465m.
- Magazine article from: Mortgage Strategy October 16, 2006 700+ words
...465m. The transaction will provide further scale and infrastructure for Swiss Re's Admin Re business in the UK, and is Swiss Re's largest Admin Re deal to date. Swiss Re will acquire around 400,000 policies with total assets of approximately...
- New York Life Advised by Pinsents on its Part in [pounds sterling]300 Million...
- News wire article from: Mondaq Business Briefing September 28, 2004 700+ words
...York Life's interests in LAHC, Swiss Re has bought out all other shareholders...acquisition provides additional scale for Swiss Re's Admin Re business in the United Kingdom...in advising on the share sale to Swiss Re was led by Tax partner, Ian Hyde...
