Phoenix Group to buy British insurance unit of Swiss Re

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Dec 6 (Reuters) – Phoenix Group Holdings Plc said on Friday it would buy the British insurance unit of Swiss Re AG for 3.2 billion pounds ($4.11 billion).

Phoenix Group, Europe’s largest owner of life assurance funds closed to new customers, said the acquisition of ReAssure is expected to bring in additional cash flows of about 7 billion pounds over time. ($1 = 0.7794 pounds) (Reporting by Samantha Machado in Bengaluru; Editing by Rashmi Aich)

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