Cinven completes sale of Guardian Financial Services to Admin Re®
Cinven today announces the completion of the sale of Guardian Financial Services, the UK life insurance consolidation business, to Admin Re®, Swiss Re's unit active in the closed life book business.
Cinven announced the agreement to sell Guardian Financial Services in September for a total consideration of £1.6 billion.
Under Cinven's ownership, Guardian has become one of the most active life insurance consolidators in the UK and Irish markets and the UK's largest privately owned life insurance company. Today Guardian has £20 billion of assets under management and manages 900,000 policies.
Cinven acquired Guardian in November 2011 from Aegon, the international provider of life insurance, pensions and asset management. It was the sole private equity firm invited to make a final offer for the business based on a combination of its strong sector expertise and strong relationship with the seller in the Netherlands. The sale of Guardian follows the successful realisations of Cinven's financial services businesses Avolon and the IPO of Partnership Assurance.