Swiss Re plans $4.5 billion IPO for UK unit to help expansion [Reuters]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Swiss Re plans $4.5 billion IPO for UK unit to help expansion ZURICH/LONDON (Reuters) - Swiss Re is pressing ahead with plans to float its $4.5 billion UK life insurance business in London to put it under a more favorable regulatory regime and give it easier access to capital to fund its expansion. ReAssure, Britain’s sixth largest life insurer, intends to list at least a 25% stake, it said on Friday. The insurer has 68.7 billion pounds ($87.3 billion) of assets under administration and focuses on so-called closed book policies that are shut to new customers. Under the flotation plans, Swiss Re, the world’s second-largest reinsurer, would cut its stake in ReAssure to below 50% from 75% now. Japan’s MS&AD Insurance Group Holdings intends to keep its holding at 25% after the initial public offering (IPO), ReAssure CEO Mark Hodges told a media call. Hodges said the deal would “allow ReAssure to pursue growth going forward, knowing that we have two anchor shareholders”. The listing would
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