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Swiss Re buys life policies from Legal & General for 650 million pounds

Reuters
The logo of the world's second biggest reinsurer Swiss Re is seen in front of the company's headquarters in Zurich July 8, 2013. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss Re has agreed to buy 1.1 million life insurance policies from Legal & General Group (L&G) for 650 million pounds, the Swiss group said on Wednesday.

"This move is consistent with Swiss Re's strategy to acquire closed life books in the UK. The policies – which include with-profit, unit-linked and savings products – will be transferred to ReAssure from Legal & General Assurance Society Limited, which is part of the L&G Group," it said in a statement.

(Reporting by Michael Shields, editing by John Miller)