05 August 2008
Swiss Re will take over approximately 760,000 life insurance and
pension policies and annuity contracts from Barclays under an
agreement outlined yesterday between the two companies. Barclays
Life includes the life assurance arms of both Barclays and
Woolwich, but has been closed to new business since 2001. The
policies and annuities will be run by Swiss Re's pensions
administration company in the UK, Admin Re.
Admin Re specialises in acquiring life and pensions businesses
that are closed to new customers. Admin Re has previously taken on
the UK life assurance and pensions business of Zurich Life and most
recently Windsor Life.
The transfer is expected to be agreed by the end of October.
