Swiss Re agreed to buy U.K.-based Guardian Financial Services for 1.6 billion pounds (about 2.4 billion francs) to bolster its Admin Re life insurance unit.

The Swiss reinsurer is buying Guardian Financial from Cinven, a private equity company, Swiss Re said in a statement today.

«This acquisition is an excellent opportunity for Admin Re to further enlarge its successful business and diversify its portfolio,» said Swiss Re Chief Executive Michel Liès in the statement.

Swiss Re will receive 900,000 annuity, life insurance and pension policies in the U.K. and Ireland as part of the acquisition, increasing its total in the U.K. to more than four million.

The acquisition is an opportunity for Swiss Re to use part of its excess capital, the company said.