Money: Swiss Re puts off $4 billion ReAssure IPO amid weak demand - PressFrom - United Kingdom
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MoneySwiss Re puts off $4 billion ReAssure IPO amid weak demand

11:01  11 july  2019
11:01  11 july  2019 Source:   reuters.com

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Zurich-based Swiss Re is spinning off ReAssure to put the business under a more favorable regulatory regime and give it easier access to capital to ReAssure , Britain’ s sixth-largest life insurer, has 68.7 billion pounds of assets under administration and focuses on so-called closed book policies

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 ReAssure ’ s publication of the registration document for the IPO will be the first step towards a listing, Swiss Re said. The document is due to be published

Swiss Re puts off $4 billion ReAssure IPO amid weak demand © Reuters/ARND WIEGMANN The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich

Reinsurance group Swiss Re has suspended plans for a $4.1 billion (£3.3 billion) initial public offering (IPO) of British life insurer ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe.

Listings that did go ahead, such as Volkswagen's truckmaker Traton <8TRA.DE>, were cut in volume and priced at the low end of expectations.

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Swiss Re said the IPO prospectus is due to be published later on Thursday, pending approval from Britain’ s Financial Conduct Authority. Zurich-based Swiss Re is spinning off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its

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 ReAssure ’ s publication of the registration document for the IPO will be the first step towards a listing, Swiss Re said. The document is due to be published

Reuters reported on Wednesday that Swiss Re was considering postponing or restructuring the London listing due to limited investor appetite.

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A Swiss Re spokeswoman said the Zurich-based group was not at present considering re-starting the IPO process for ReAssure this year but long-term options remained open.

Chief Financial Officer John Dacey said the group still intended to reduce its ownership in ReAssure.

"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," he added.

Swiss Re shares were indicated 0.4% lower in pre-market activity.

Under the flotation plans, Swiss Re would have cut its stake in ReAssure to below 50% from 75% now. Japan's MS&AD Insurance Group Holdings <8725.T> intended to keep its holding at 25%.

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Swiss Re said the IPO prospectus is due to be published later on Thursday, pending approval from Britain’ s Financial Conduct Authority. Zurich-based Swiss Re is spinning off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its

Swiss Re said the IPO prospectus is due to be published later on Thursday, pending approval from Britain’ s Financial Conduct Authority. Zurich-based Swiss Re is spinning off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its

Swiss Re had set a price range of 2.80 to 3.30 pounds per share for ReAssure, Britain's sixth-largest life insurer, valuing it at up to £3.3 billion.

Swiss Re wanted to spin off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion.

It hired Credit Suisse, Morgan Stanley and UBS to work as joint global coordinators, while BNP Paribas and HSBC acted as joint bookrunners.

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