SWISS RE'S ADMIN RE TO BUY 300,000 POLICIES FROM ALICO

Swiss Re Ltd unit Admin Re is to buy about 300,000 policies with £1.6bn ($2.6bn) in assets from American Life Insurance Co (Alico), which since November 2010 has been a subsidiary of New York-based MetLife. David Blumer, chairman of Admin Re, said that the deal confirmed Admin Re's commitment to closed life book business, and that further deals were likely. MetLife paid AIG $16.2bn for Alico last year.