Zurich and Swiss Re in £3.7bn annuity deal

The reinsurance agreement will see around 220,000 policies for annuities ‘in payment’ transferred to Windsor Life Assurance, a subsidiary of Swiss Re, which are worth £3.7bn in assets and around £3.9bn in liabilities. However Zurich says the deal, which is subject to certain conditions and regulatory approvals, will not materially affect its annuity customers, and adds it will be writing to all affected customers later this year as part of the formal transfer process. The firm points out it has not actively marketed its annuity business in the UK since 2005, and has instead focused on c...