Swiss Re's U.K. business, ReAssure, agreed to acquire Quilter U.K.'s pension, investment and savings division for £425 million ($526 million) in cash, a spokeswoman said.
The deal is expected to close later this year, subject to regulatory approvals.
Quilter's division, formerly Old Mutual Wealth Management, will boost the insurers' assets under administration to £81 billion through a takeover of the £12 billion Old Mutual Wealth Life Assurance Ltd. and its subsidiary Old Mutual Wealth Pensions Trustees Ltd., according to a news release.
"This transaction further confirms that our business is well positioned to benefit from the significant and structurally growing market opportunity in closed books. Our deal pipeline is attractive and we will continue to focus on our growth strategy," ReAssure CEO Mark Hodges said in a news release Monday.
"ReAssure is a highly regarded manager of closed-book assets and has the experience to deliver continued high quality investment and administration services to clients of Quilter Life Assurance," Quilter CEO Paul Feeney said in a separate news release.
ReAssure was advised by Evercore Partners International LLP.