Swiss Re has finally agreed to sell its closed life business ReAssure Group valued at GBP3.25bn ($4.28bn) to Phoenix Group. The deal will offer Swiss Re a cash payment of GBP1.2bn, shares in Phoenix representing a 13% to 17% stake and entitlement to a seat on its board of directors. The transaction is expected to close in mid-2020 subject to approvals by Phoenix's shareholders, regulators and anti-trust authorities.