(Bloomberg) -- Swiss Re’s business unit Admin Re is acquiring Guardian Holdings Europe Ltd. from buyout firm Cinven for 1.6 billion pounds ($2.5 billion) to increase its portfolio of U.K. life-insurancepolicies.

The deal will give Admin Re an additional 900,000 annuity, life insurance and pension policies in the U.K. and Ireland and the purchase is expected to be completed early next year, Swiss Re said in a statement Wednesday.

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