Swiss Re has purchased $1.6bn in asset from American Life Insurance Company.
The transaction, on behalf of Swiss Re’s life reinsurance run-off business Admin Re, also includes 300,000 policies.
"This transaction meets Admin Re’s rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business," says David Blumer, Swiss Re's executive board member and chairman of Admin Re.
"Transactions like this allow life insurance companies to monetise the value of in-force blocks of business, while providing Swiss Re with attractive, diversified returns," he adds.
Admin Re has completed more than 50 transactions since 1998.