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Swiss Re CFO anticipates more buys in UK for Admin Re

Reuters - UK Focus

ZURICH, Feb 23 (Reuters) - Swiss Re (LSE: 0QL6.L - news) expects its Admin Re unit to make further acquisitions in Britain, the reinsurer's finance chief told Reuters on Tuesday.

"I would anticipate further acquisitions in the UK for Admin Re," David Cole said in an interview.

Swiss Re agreed to buy Guardian Financial Services in September for 1.6 billion pounds ($2.26 billion).

"What we announced with Guardian indicates a potential size of transaction," Cole said, adding that not all potential deals would be that large.

Earlier, Swiss Re said the head of its reinsurance business would take the helm of the company as it current CEO retires, while also announcing a hefty jump in annual net income and a new share buyback of up to $1 billion.

($1 = 0.7093 pounds) (Reporting by Joshua Franklin; Editing by Michael Shields)