Swiss Re unit to buy Guardian Financial for 1.6 billion pounds

ZURICH - Swiss Re AG (SRENH.VX) said on Wednesday its business unit Admin Re would buy Guardian Financial Services from private equity firm Cinven [CINV.UL] for 1.6 billion pounds. The acquisition, which will be financed from cash on the balance sheet as well as debt financing, would further diversify Admin Re's current business and increase its assets and reserves, Swiss Re said. Closing of the acquisition is subject to regulatory approval and could be completed in early 2016. -Reuters