Swiss Re sells US unit to Jackson for $600 million

GENEVA -- Swiss Reinsurance Co. says it is selling part of its U.S. business to Jackson National Life Insurance for $600 million in cash.

The Swiss company says the sale of US Admin Re's holding company REALIC is part of its strategy of "unlocking capital" to meet its financial targets and focus on its European business.

The deal is expected to close in the second half of 2012 and requires regulatory approval.

Swiss Re said in a statement Thursday that a pre-closing dividend will boost its total gain from the sale to $900 million.

Shares in Swiss Re rose 0.9 percent to 55.50 Swiss francs($57.35) on the Zurich exchange.