Swiss Re to stop the ReAssure's IPO due to market conditions

Swiss Re announced the suspension of its previously communicated plans for an initial public offering (IPO) of ReAssure. "This action is in response to the heightened caution and weaker underlying demand in the UK primary market from large institutional investors", as the global reinsurer mentioned in a statement.

Swiss Re's Group CFO John Dacey emphasised that the reinsurer believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, pointing out that there "has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and future prospects. We retain our objective to reduce Swiss Re's ownership in order to de-consolidate ReAssure. In the meantime, Swiss Re and MS&AD remain fully committed and supportive of ReAssure and its management team, and will participate in future acquisitions in line with their respective shareholdings."

398 views
Share |