Swiss Reinsurance America Corporation issued the following announcement on June 7.
Swiss Re informs that its subsidiary, ReAssure Group plc (“ReAssure”), is considering proceeding with an initial public offering (IPO) and plans to publish its registration document today, pending the approval of the UK Financial Conduct Authority. Publication of the registration document is the first step toward the potential listing of ReAssure ordinary shares on the main market of the London Stock Exchange.
Swiss Re announced in August 2018 that it was exploring a possible IPO of ReAssure, the business that focuses exclusively on the acquisition and management of closed books of life insurance policies. Should ReAssure proceed with the IPO, Swiss Re would seek to reduce its stake to below 50% from 75% currently.
In preparation for the planned IPO, ReAssure has been reorganised into a standalone group. As part of that process, a more efficient and appropriate capital structure for ReAssure will be put in place, which will include a net increase of GBP 481 million in ReAssure's capital position by its two shareholders (Swiss Re and MS&AD Insurance Group Holdings Inc) in proportion to their current holdings.
Further public updates will be provided in due course.
Original source can be found here.