Swiss Re Ltd. and Phoenix Group Holdings said talks about a merger of the world’s second biggest reinsurer’s Admin Re unit with the U.K.’s largest manager of life insurance funds have ended.
“The parties have been unable to agree the terms on which a mutually acceptable transaction could take place,” the companies said in separate statements late yesterday. Phoenix and Swiss Re said in July they were holding preliminary talks.
Swiss Re said earlier this year that it had “work to do” in relation to Admin Re, a unit that manages so-called closed life insurance funds, mainly in the U.K., and no longer sells new contracts. The Zurich-based reinsurer wants to strengthen operational efficiency in the business, according to a presentation on its website.
“Admin Re will continue to execute against its business plan, further streamlining its business through management actions targeted at productivity measures and asset re-balancing,” Swiss Re said in its statement.