Exactly how is far from clear, but Sea Basing and SRLC
are two examples of what that change may look like.
Following the SRLC acquisition announcement, all four primary rating agencies--A.
0 million was based on an estimated closing balance sheet for SRLC.
is a life insurance business within the US division of Swiss Re's Admin Re.
In the initial announcement of this transaction on May 31, 2012, the consideration of $621 million was based on an estimated balance sheet for SRLC.
SRLC was dormant until the reorganization of the U.
Prudential paid GBP418m (USD663m/EUR529m) for SRLC, above the GBP398m price announced at the agreement on 31 May, it said, adding that the initial price was based on an estimated balance sheet for the target, while the current price is based on an update of that estimate.
By increasing Jacksona[euro](tm)s profits from insurance income, the addition of SRLC will diversify Prudentiala[euro](tm)s earning base, the British group said.
Through reinsurance agreements to be undertaken before the sale is completed, Swiss Re will keep a portion of the SRLC business.
Country: USASector: InsuranceTarget: SRLC America Holding Corp Buyer: Prudential plc , Jackson National Life Insurance Company Vendor: Swiss Re Ltd Deal size in USD: 621mType: Corporate acquisitionFinancing: Existing resources, CashStatus: Agreed
The primary operating subsidiary of SRLC
is Reassure America Life Insurance Company (REALIC), which, since 1995, has completed a significant number of stock acquisitions and reinsurance arrangements through which it has acquired a diverse portfolio of traditional US life insurance business.
British insurer Prudential plc (LON:PRU) said its indirect, fully-owned unit Jackson National Life Insurance Company would buy US life insurer SRLC
America Holding Corp from parent Swiss Re Ltd in a USD621m (EUR501.