British life insurer Phoenix Group is in talks to buy the Admin Re unit of Swiss Re, re-starting its drive to consolidate the sector and achieve savings after a hiatus caused by its heavy debts.
Both companies said on Friday they were in preliminary talks, while Phoenix said that if a deal materialised, Swiss Re would take a minority shareholding in the British group, signalling it would pay for the transaction in shares.
Sky News said on Thursday the deal could be worth 3 billion pounds ($4.5 billion) and would create a business with more than 100 billion pounds under management and close to 10 million policy holders.
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