Swiss insurer Zurich Financial Services CEO James Schiro is continuing to sell off the company’s non-core assets, selling its British life insurance operations to Swiss Re for $360 million in cash and a further $100 million in  dividends.

An unusual feature of the transaction is the fact that Swiss Re subsidiary Admin Re – a US-based specialist in managing life businesses that are no longer taking new business – will run the operation in partnership with New York-based Computer Sciences Corporation.

Last year Zurich Life recorded total annual premiums of $179 million, with new premiums worth about $30 million on an annual basis.