SwissRe Acquires Another Closed Book
Swiss Re in August 2019 announced it had acquired the UK closed book business of Quilter. The acquisition was made through Swiss Re’s specialized subsidiary ReAssure and includes Old Mutual Wealth Life Assurance and Old Mutual Wealth Pensions Trustees.
Quilter is mostly comprised of companies belonging to the former Old Mutual group. It is active in investment consulting and asset management (GBP 45 billion in assets under management – AUM as of June 30, 2019); as well as in life insurance and pensions (GBP 87 billion AUM as of June 30, 2019) through Old Mutual Wealth Heritage Life Assurance and Old Mutual International.
About 300 employees will join ReAssure. The acquisition will add over 200 000 customer policies and GBP 12 billion of assets to ReAssure’s platform. Quilter is streamlining its operations by shedding 10% of its AUM, 22% of its 900 000 customers, and approximately 8% of its 4 000 employees.
The total consideration of the transaction is GBP 425 million (approximately 3.5% of the assets transferred).