Phoenix to buy Swiss Re's ReAssure unit for £3.2 billion

LONDON/ZURICH (Reuters) - Insurance group Phoenix Group Holdings on Friday announced its biggest-ever deal, as it agreed to buy the British unit of Swiss Re AG for 3.2 billion pounds in cash and sharesThe deal is the latest in a rapidly consolidating sector as insurance companies look to sell off old books of business to free up capital to invest in high-growth areas.Phoenix Group, Europe's largest owner of life assurance funds closed to new customers, said the acquisition of ReAssure is..