Swiss Re has entered an settlement to promote its total 10.05% stake in Definity Monetary, comprising 11,647,217 widespread shares.
The shares are being offered by Swiss Re Funding Holdings Firm by means of an underwritten block commerce, with the deal closing on 19 March 2025.
Swiss Re offered the shares at C$56.20 apiece, leading to whole proceeds of roughly C$655m.
This transaction is underwritten by CIBC Capital Markets and Nationwide Financial institution Monetary.
In March 2024, Swiss Re and its subsidiary, Swiss Re Investments Holding Firm, acquired 197,217 widespread shares of Definity by means of the Toronto Inventory Trade at a mean worth of C$46.25 every.
Earlier than the March 2024 acquisition, Swiss Re’s stake in Definity was roughly 9.88%. The acquisition elevated its holding to the present 10.05%.
Swiss Re Group CEO Andreas Berger stated: “We’re very impressed with the numerous progress Definity has made since its IPO [initial public offering] in November 2021 and proceed to worth the continued enterprise relationship with the corporate.
“Swiss Re continues to be a robust believer in Definity’s path in the direction of changing into a number one P&C [property and casualty] insurer in Canada. The sale was finished within the context of a daily evaluate and rebalancing of Swiss Re’s funding portfolio and is in keeping with the Group’s general funding technique throughout fairness and different investments.”
Swiss Re reported internet revenue of $3.2bn (SFr2.82bn) in 2024, with the fourth quarter contributing $1.1bn.
The P&C Reinsurance division reported internet revenue of $1.2bn for the 12 months, whereas the Life & Well being Reinsurance division’s internet revenue stood at $1.5bn.
Earlier this month, the corporate appointed Kera McDonald as its new group chief underwriting officer, along with her tenure set to begin on 1 June 2025.
