Phoenix Group to acquire UK arm of global insurance specialist in £3.2bn deal

Pensions and life consolidator Phoenix Group has announced the proposed acquisition of insurance firm ReAssure Group for £3.2bn.

The deal would see the London-headquartered group purchase the UK insurance arm of Swiss Re Group, bolstering its position as one of Europe’s largest consolidators of life insurance and pensions.

Phoenix Group’s CEO, Clive Bannister, commented: “This is a highly attractive acquisition for Phoenix that follows our growth strategy and delivers value to our shareholders.

“The deal confirms Phoenix’s position as Europe’s largest life and pensions consolidator with £329bn of assets under administration and 14.1 million policies and will give us an enhanced platform to pursue further growth opportunities.

“We also welcome Swiss Re and MS&AD as significant new shareholders and see their investment as a recognition of the many benefits that this combination can bring.”

Christian Mumenthaler, group CEO at Swiss Re, added: “We are pleased to have found a strong buyer for ReAssure Group plc, delivering on our stated objective of deconsolidating this business.

“Phoenix is a natural acquirer of ReAssure and has a proven track record of delivering value to both shareholders and customers.”