Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 billion
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LONDON/ZURICH (Reuters) - Phoenix Group Holdings has agreed to buy the British ReAssure business of Swiss Re for 3.2 billion pounds ($4.1 billion) in cash and shares, the UK insurer's biggest deal to date as it bulks up on policies closed to new customers. The deal comes after ReAssure, which like Phoenix specialises in closed life insurance books, shelved a planned initial public offering (IPO) earlier this year.Many insurance companies, hit by tougher capital rules since the financial crisis,..