Swiss ReLtd. has held preliminary discussions with pension funds andsovereign wealth funds to potentially sell a £1 billion stake in its unit, Sky Newsreported July 21, citing City of London sources.

Swiss Re could use the funds generated from the possiblesale of a minority stake to facilitate additional acquisitions, Sky said,adding that it was not known which foreign investors were being approached.

Admin Re is reportedly interested in 's U.K.-based insuranceunit Abbey Life Assurance Co.

In September 2015, Admin Re agreed to acquire Guardian Holdings Europe Ltd., the holding company foroperations trading under the name Guardian Financial Services, for £1.6 billion from .

Credit Suisse is managing the Admin Re stake sale, Skynoted, adding that formal discussions with prospective buyers may not takeplace until after the summer.