Investment - Articles - Swiss Re divest Phoenix shareholding for 437 million


Swiss Re announced that it has reduced its shareholding in Phoenix Group Holdings plc, acquired in the sale of ReAssure in 2020, by selling an approximately 6.6% stake for GBP 437 million through an accelerated bookbuilding process.

 The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments. In connection with the sale, Phoenix gave its consent to Swiss Re to conduct this transaction prior to the expiry on 23 July 2021 of the lock-up arrangement agreed between the parties. The sale is expected to close on 25 June 2021.

 It is currently estimated that the transaction will result in a low single-digit increase in the Group’s Swiss Solvency Test ratio. The impact of the transaction on Swiss Re’s US GAAP earnings is not expected to be significant.

 Swiss Re has agreed to a lock-up arrangement in respect of its remaining stake of approximately 6.6% in Phoenix of 90 days following closing, subject to waiver, as is customary for such a trade. The remaining stake will continue to be marked to market in US GAAP earnings. 

Back to Index


Similar News to this Story

Pledge to progress as £11bn invested in productive assets
The insurance and long-term savings industry is making positive progress towards its pledge to invest £100 billion into assets which contribute to eco
Changing aims of pensions drive interest in hedge funds
Aon has said that market volatility and wider macro-economic uncertainty is driving a surge in hedge fund investment from UK defined benefit (DB) pens
Bulls come out to play as earnings season moves up a gear
FTSE 100 climbs back above 9,000. BP to sell US wind assets. Reckitt agrees to sell Essential home for $4.8bn. US stocks reach record highs again. St

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.