Swiss Re Ltd. just announced it is selling its U.S. life insurance subsidiary, Aurora National Life Assurance to Reinsurance Group of America.
The Swiss reinsurer had mentioned it was considering all options for Aurora, part of the portfolio it retained for its U.S. Admin Re business after selling most of it to Jackson National Life Insurance in September 2012.
The sale involves roughly 82,000 policies in total and approximately $2.7 billion in policyholder liabilities.
Although the company declined to comment on the value of the transaction, media reports earlier this year valued the deal at $400 million to $500 million.
