The Swiss reinsurer Swiss Re is bringing its British division ReAssure Group for a price of 280 to 330 pence per share on the stock exchange in London. With that, the component would be valued at as much as 3.3 billion pounds, converted to almost 3.7 billion euros.
Earlier this month it was announced that Swiss Re wants to bring the division to the London stock market in July and that the valuation should be between 3 billion and 3.5 billion pounds. An IPO gives ReAssure further opportunities to grow.
ReAssure focuses primarily on the British market, but also wants to grow in Germany and the Netherlands, said Mark Hodges of the company. Assets under management amount to £ 69 billion and ReAssure has around 2500 employees.
ReAssure currently has two shareholders, in addition to Swiss Re also MS&AD Insurance Group. They will give ReAssure a capital injection of almost £ 500 million for the stock market debut. Ultimately, it is the intention that Swiss Re brings its stake below 50 percent, from a current 75 percent.