Swiss Re, SoftBank end investment negotiations
Swiss Re and SoftBank Group have agreed to end discussions about a potential minority investment of SoftBank in Swiss Re.
In February, Swiss Re disclosed that it was in talks with Japanese conglomerate SoftBank Group regarding a potential minority investment in the reinsurer.
Moody’s had expected that Softbank’s communication and technology expertise and network of hi-tech investments would give Swiss Re a competitive advantage as the re/insurance sector adapts to transformational technologies that will over time test its business model.
Swiss Re will continue to implement its technology strategy with a combination of in-house developments and third-party collaborations, the company said in a statement. In this context, the company will also further explore business ideas between Swiss Re's operative entities and the portfolio companies of SoftBank.
On the first quarter 2018 results conference call, chief financial officer John Dacey suggested that Swiss Re may be in talks with companies other than SoftBank in relation to selling a stake in the company.
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