Sources familiar with the matter were quoted by Bloomberg as saying that the reinsurer is working with Barclays to select potential buyers for Aurora National and some other US assets.
One source told the news agency that the disposal of California-based insurance company and approximately $5bn in insurance assets, including corporate-owned and other life-insurance policies and annuities, is likely to raise more than $400m.
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Aurora National is licensed to operate in 46 states and the District of Columbia and it serves over 88,000 life policyholders and annuity contract holders.
As of 30 June 2012, the company had more than $2bn of insurance in force and $3bn in assets, according to its website.
The company delivers life insurance and annuity products, such as single and annual premium whole life, term life, deferred and immediate annuities, and qualified retirement annuities.
In July, Swiss Re said that it is negotiating to combine the rest of Admin Re with UK-based life insurer Phoenix Group, to emerge as the bigger company in the insurance sector.
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By GlobalDataAfter completion of the proposed integration, the united company will have more than £100bn of assets under management and approximately 10 million policy-holders.
