Swiss Re Admin Re has agreed to sell its US subsidiary Aurora National Life Assurance Company to Reinsurance Group of America (RGA).
The sale, which is expected to close in early 2015 and is subject to approval by the relevant regulators, involves approximately 82 000 policies in force and $2.7 billion in policyholder liabilities.
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Aurora is part of the US business retained by Admin Re following the sale of its US Admin Re holding company, Reassure America Life Insurance Company (REALIC), to Jackson National Life Insurance Co in September 2012.
John R. Dacey, Swiss Re’s group chief strategy officer and chairman of Admin Re, said: "This transaction is an important step in Swiss Re’s strategy to redeploy capital to areas where we see growth opportunities and which deliver attractive shareholder returns. Admin Re will continue to focus on the UK, where we have developed a solid pipeline of potential acquisitions and successfully signed a transaction with HSBC earlier this year."
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