UnumProvident has signed a deal with Swiss Life (UK) to acquire its creditor insurance and critical illness renewal rights.
Subject to regulatory approval, the acquisition means UnumProvident gains 280,000 creditor policyholders and 1.3 million critical illness policyholders.
The transaction is being supported by Munich Re which will assume a 50% quota share reinsurance arrangement with UnumProvident on the group life business.
UnumProvident chairman and managing director Susan Ring said: "We identified the Swiss Life (UK) business as a possible attractive acquisition and I am pleased that our past success and strong financial position enabled us to secure this arrangement that protects the financial investments and insurance promises of Swiss Life (UK)'s group policyholders and its claimants.
"We take our leadership responsibilities very seriously and future strategic developments, business initiatives and partnerships will extend the choice of products and services we offer under the UnumProvident brand."
