Swiss Re is to acquire £1.6 billion (SFr2.2 billion) of assets from a British unit of American Life Insurance Company, the reinsurance group has announced.

The world’s second-biggest reinsurer is buying some 300,000 policies to boost the market presence of its Admin Re unit.

Admin Re is one of Swiss Re three business units, through which the company acquires blocks of in-force life and health insurance business, giving the Zurich-based reinsurer a diversified income stream.

Swiss Re has completed more than 50 Admin Re transactions since 1998, the company said in a statement.

Earlier this month Swiss Re reported a net loss of $665 million (SFr564 million) for the first quarter of 2011, compared with a profit of $158 million in the same period of 2010.

Its Property & Casualty unit was impacted by a very high level of natural catastrophe claims, including the earthquakes in Japan and New Zealand and the floods in Australia, the group said.

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