Swiss Re prices ReAssure initial public offering at up to £3.3bn

Zurich-based Swiss Re has set a price range of £2.80 to £3.30 per share for the  initial public offering (IPO) of its UK closed life book business ReAssure.

The price range implies a market capitalisation of 2.8 billion to £3.3 billion.

Ordinary shares for ReAssure, which specialises in acquiring and managing closed books of life insurance policies, are expected to be listed on the London Stock Exchange in July 2019.

The IPO prospectus is expected to be published later today (June 27), pending the approval by the UK's Financial Conduct Authority.

Swiss Re said the offer is expected to deliver a free float of 26 percent of ReAssure's issued share capital. It is also making available shares representing up to 15 percent of the offer as part of an over-allotment arrangement.

The reinsurer announced in August 2018 that it was exploring a possible IPO of ReAssure.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Hiscox veteran steps down after 33 years; race begins for successor

Reshuffle at Swiss Re as Asia reinsurance CEO departs 

API firm says big data can offer accurate insurance risk in real time ‘from one question’

AIG brings CNA talent to drive growth, underwriting at Blackboard Insurance

Apollo taps XL Catlin senior political risk underwriter