Swiss buys Barclays Life
Swiss Re has agreed to acquire Barclays Life Assurance Company. The cash purchase price is £753m. The transaction will provide further scale and infrastructure for Swiss Re’s Admin Re business in the UK. Swiss Re will acquire approximately 760,000 life insurance and pension policies and annuity contracts, representing approximately £6.8bn in invested assets.
Crawford has posted its second quarter results, showing a net income of $7.9m (£4bn), up more than 30% on the same period last year. The claims management company saw diluted earnings per share of 16 cents, up from 12 cents in the prior-year quarter. UK specific figures were not available. Chief executive Jeffrey Bowman said: “Our second quarter 2008 operating results reflects the strongest second quarter performance since 2001, achieved through incremental revenues and the results of our continued focus on cost control and process improvement.”