Posted AT 7:03 AM EST on 05/08/08
Swiss Re buys Barclays unit for $1.5-billion
ZURICH — Swiss Re, the world's largest reinsurer, agreed to buy Barclays' life assurance portfolio for £753-million pounds ($1.48-billion) in cash, even as it wrote down more credit assets.
Swiss Re said on Tuesday it would acquire about 760,000 life insurance and pension policies and annuity contracts, for which Barclays had stopped writing new business since 2001, representing £6.8- billion in invested assets.
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