Swiss Re agrees to sell ReAssure to Phoenix Group

Reinsurer Swiss Re has agreed to sell its subsidiary ReAssure Group to Phoenix Group Holdings. As part of the agreement, which values ReAssure at £3.25 billion ($4.28 billion), Swiss Re will receive a cash payment of £1.2 billion, shares in Phoenix representing a 13 percent to 17 percent stake and be entitled to a seat on its board of directors.