- Insurance company Phoenix said it had agreed to acquire life insurance consolidator ReAssure from Swiss Re and MS&AD Insurance for £3.2bn.

The total acquisition payment would include £1.2bn of cash and the issuance shares to Swiss Re worth £2.0bn, part of which would be transferred to MS&AD.

Phoenix said it expected the deal to generated cost and capital synergies of £800m.

'This is a highly attractive acquisition for Phoenix that follows our growth strategy and delivers value to our shareholders,' chief executive Clive Bannister said.

Bannister said the acquisition would contribute £7bn of incremental cash generation and give Phoenix the opportunity to capture significant cost and capital synergies.

Completion of the deal was targeted for mid-2020, pending shareholder approval.

Story provided by