Prudential US Acquisition

Prudential Plc, the U.K.’s biggest insurer, agreed to buy a life insurance unit from Swiss Re AG for 398 million pounds ($621 million) in cash to expand in the U.S.

Prudential will finance the acquisition of SRLC America Holding Corp., which manages closed life insurance funds, from existing cash holdings, London-based company said in a statement today. The purchase is expected to be completed in the third quarter, pending regulatory approval, it said.