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United States : Prudential\'s unit to acquire SRLC America Holding Corp for US$621m
Publish Date : 01-Jun-2012
Prudential plc on Thursday said it is acquiring SRLC America Holding Corp from Swiss Re for US$621 million.
The transaction signed by Prudential\'s wholly-owned subsidiary, Jackson National Life Insurance Company is subject to regulatory approval and is expected to complete in the third quarter of 2012.
SRLC is a life insurance business that sits within the US division of Swiss Re\'s Admin Re. The primary operating subsidiary of SRLC is Reassure America Life Insurance Company, which since 1995 has completed a significant number of transactions through stock acquisitions and reinsurance arrangements and has acquired a diverse portfolio of traditional US life business.
The acquisition is expected to be accretive immediately to Prudential\'s IFRS and EEV earnings.
