Swiss Re to sell U.S. life unit Aurora to RGA
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(Reuters) — Swiss Re Ltd. on Tuesday said it is selling its U.S. life insurance arm, Aurora National Life Assurance Co., to Reinsurance Group of America Inc. for an undisclosed price.
The Swiss reinsurer had said previously that it was considering all options for Aurora, part of the portfolio it retained for its U.S. Admin Re business after selling most of it to Jackson National Life Insurance Co. in September 2012.
The sale involves approximately 82,000 policies in force and $2.7 billion in policyholder liabilities. It is expected to close in early 2015 and is subject to approval by the relevant regulators, Swiss Re said in a statement.
A spokeswoman declined to comment on the value of the transaction.
Media reports this summer had put the value of a possible deal at $400 million to $500 million.
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