Britain’s No.1 insurer Prudential Plc on Thursday said it will buy life insurer SRLC America Holding Corp. from Swiss Re AG for 398 million pounds in cash.

It said the purchase would be made through Prudential’s U.S. subsidiary Jackson National Life Insurance Co.

Trading in Hong Kong-listed shares of Prudential was suspended earlier on Thursday pending the release of price-sensitive information, the Hong Kong stock exchange said.

Prudential last closed down 1.6 percent at HK$82.80 in Hong Kong and its London-listed shares closed down 3 percent at 673 pence.