
Cinven sells Guardian to Admin Re for £1.6bn
Cinven has sold British life insurance provider Guardian Financial Services to Admin Re for £1.6bn.
Guardian was acquired by Cinven's €6.5bn Fourth Cinven Fund in August 2011 from Netherlands-headquartered multinational life insurance conglomerate Aegon for £275m.
Under Cinven's ownership, Guardian has seen four bolt-on acquisitions, including pension assets from life insurance outfit Phoenix Group, and Ark Life from Allied Irish Bank in December 2013.
Guardian's new owner Admin Re is the closed-life book unit of Switzerland-based reinsurance company Swiss Re.
Company
Headquartered in Lytham, Guardian is a life insurance and pensions provider made up of pension and life insurance funds closed to new business.
Guardian was founded in 1821, and has £20bn of assets under management across 900,000 policies.
People
Caspar Berendsen is a partner at Cinven. Rory Neeson is a senior principal at Cinven. Ian Owen is the executive chair of Guardian.
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