Swiss Re AG unit ReAssure Group PLC has agreed to acquire the U.K. closed-book business of Quilter PLC for a total consideration of about £425 million.

The book consists of Old Mutual Wealth Life Assurance Ltd. and its subsidiary Old Mutual Wealth Pensions Trustees Ltd., including about 300 employees.

Quilter said the business had gross assets of roughly £12.32 billion at the end of June and operating profit before tax of £26 million for the first half.

The acquisition will add more than 200,000 customer policies and £12 billion of assets to ReAssure's platform and increase its total policy count to 4.5 million and assets under administration to £81 billion, Swiss Re said.

The transaction will be funded using ReAssure's internal resources and is expected to be completed by the end of 2019, subject to regulatory approval. ReAssure expects the transaction to deliver "substantial" synergies and increase future cash generation potential.