Prudential Shells Out $621M For Swiss Re's US Life Arm

Law360, New York (May 31, 2012, 3:19 PM EDT) -- Top British insurer Prudential PLC has made a foray across the pond with a $621 million deal for the Swiss Re Group's U.S.-based life insurance unit, the parties announced Thursday.

With an embedded value estimated at £865 million (US$1.3 billion), excluding implementation costs, SRLC America Holding Corp. is expected to generate £100 million in pretax earnings for Prudential during the first year of ownership, while Swiss Re will book a loss of approximately $900 million for the second quarter, according to parallel statements issued by the...
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