Swiss Re acquires Barclays life fund

A division of Barclays which pays pensions to more than 70,000 policyholders a month is to be sold in a deal worth £753m (€950m), it was announced today.

Swiss Re said it will acquire around 760,000 life insurance and pension policies and annuity contracts, representing around £6.8bn (€8.6bn) in invested assets, through the takeover of Barclays Life Assurance.