ReAssure completes Quilter UK Heritage book acquisition

LONDON: ReAssure Group has confirmed the completion of the acquisition of Quilter plc’s Heritage life and pensions division, Old Mutual Wealth Life Assurance Limited.

The transaction is expected to generate over £500 million of surplus generation including £200 million of synergies.

Internally funded, it significantly exceeds internal return requirements with a price to adjusted Unrestricted Tier 1 of c.80% and a payback period of 4 years.

Mark Hodges, Chief Executive Officer of ReAssure, commented: “I am delighted to welcome our new customers and colleagues to ReAssure.   This transaction is further evidence of our value-creating acquisition track record providing excellent customer service, valued solutions for vendors and attractive returns to our shareholders.”

ReAssure is a leading closed book life insurance consolidator in the UK.  The group focuses exclusively on the acquisition and management of closed book life insurance policies, with a mission to secure and improve customer outcomes for its policyholders.

Swiss Re agreement to sell ReAssure Group: On 6 December 2019, Swiss Re announced an agreement to sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc, subject to receipt of regulatory and anti-trust approval.

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