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.
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