SWISS RE TEST EQS-News: Swiss Re reduces its shareholding in Phoenix by selling approximately 6.6% stake for GBP 437 million
Transparency directive : regulatory news
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EQS Group-News: Swiss Re Ltd
/ Key word(s): Disposal/Investment
Zurich, 23 June 2021 - Swiss Re announced today that it has reduced its shareholding in Phoenix Group Holdings plc, acquired in the sale of ReAssure in 2020, by selling an approximately 6.6% stake for GBP 437 million through an accelerated bookbuilding process. The sale was done in the context of a regular review and rebalancing of Swiss Re's investment portfolio and is consistent with the Group's overall investment strategy across equity and alternative investments. In connection with the sale, Phoenix gave its consent to Swiss Re to conduct this transaction prior to the expiry on 23 July 2021 of the lock-up arrangement agreed between the parties. The sale is expected to close on 25 June 2021. It is currently estimated that the transaction will result in a low single-digit increase in the Group's Swiss Solvency Test ratio. The impact of the transaction on Swiss Re's US GAAP earnings is not expected to be significant. Swiss Re has agreed to a lock-up arrangement in respect of its remaining stake of approximately 6.6% in Phoenix of 90 days following closing, subject to waiver, as is customary for such a trade. The remaining stake will continue to be marked to market in US GAAP earnings. For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or Media_Relations@Swissre.com. Swiss Re Cautionary note on forward-looking statements
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| Language: | English |
| Company: | Swiss Re Ltd |
| Mythenquai 50/60 | |
| 8022 Zurich | |
| Switzerland | |
| Phone: | +41 (0) 43 285 71 71 |
| E-mail: | Media_Relations@swissre.com |
| Internet: | www.swissre.com |
| ISIN: | CH0126881561 |
| Valor: | 12688156 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1210883 |
| End of News | EQS Group News Service |
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1210883 23.06.2021