Phoenix Group to buy ReAssure for £3.2bn

London fotolia
By Aidan Gregory, Jasper Cox
06 Dec 2019

Phoenix Group Holdings, the UK life insurer, has stuck a deal to acquire ReAssure, the UK closed book life insurance division of Swiss Re, for £3.2bn in cash and shares.

The acquisition comes five months after Swiss Re cancelled the flotation of ReAssure on the London Stock Exchange due to tepid demand from institutional investors. Swiss Re has deemed the business non-core and has wanted to sell it to release capital.

 "We are pleased to have found a ...

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