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Swiss Re is selling its full 10.05% involvement successful Definity Financial, the Canadian property/casualty insurer, for C$655 cardinal ($458.1 million) — a determination the reinsurer made aft a reappraisal of its concern portfolio.
On March 19, Swiss Re was owed to merchantability 11,647,217 communal shares astatine CA$56.20 per share, which represents astir 10.05% of the company’s outstanding communal shares.
After the sale, Swiss Re volition person divested its full involvement successful Waterloo, Ontario-based Definity Financial.
“We are precise impressed with the important advancement Definity has made since its IPO successful November 2021 and proceed to worth the ongoing concern narration with the Company. Swiss Re continues to beryllium a beardown believer successful Definity’s way towards becoming a starring P&C insurer successful Canada,” said Andreas Berger, Swiss Re’s radical main enforcement officer, successful a statement.
“The merchantability was done successful the discourse of a regular reappraisal and rebalancing of Swiss Re’s concern portfolio and is accordant with the Group’s wide concern strategy crossed equity and alternate investments,” helium added.
The offering was underwritten by CIBC Capital Markets and National Bank Financial Inc.
Photograph: Swiss Re logo displayed astatine Zurich headquarters; photograph credit: Swiss Re
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