Jackson Acquires SRLC America Holding Corp from Swiss Re for $621M

Jackson National Life Insurance Company today announced that it has entered into an agreement to purchase SRLC America Holding Corp. from Swiss Re. Jackson will pay $621 million in cash for the business, subject to adjustment by application of customary purchase price mechanics to reflect the value of the business at closing. The purchase will be financed in its entirety from internal Jackson resources. Swiss Re will retain a portion of the SRLC business through reinsurance arrangements to be undertaken prior to closing. The transaction is subject to regulatory approval and is expected to close in the third quarter of 2012. Jackson is an indirect wholly owned subsidiary of the United Kingdom's Prudential plc PUK.