MSAD Insurance said on Friday it has agreed to buy up to 15% of Swiss Re’s UK closed book life business ReAssure Jersey One for 800 million pounds $1 billion, part of the insurer's efforts to diversify away from Japan's high natural catastrophe risk.
For Tokyo-headquartered MSAD, the investment in ReAssure could also be a counter cyclical play on other insurance companies’ struggle to comply with more onerous regulations and low interest rates.
In the wake of new capital rules, such as the introduction of Solvency II, life insurance companies in the UK have increasingly looked to sell in-force policies...
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