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Swiss Re suspends Kane’s £3 billion flotation of Reassure

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Christian Fernsby ▼ | July 11, 2019
Swiss Re
European businesses   The flotation would have been one of the biggest in London this year

Swiss Re has suspended the £3 billion IPO of its UK zombie funds business ReAssure because of resistance from investors unhappy at its valuation.

The flotation would have been one of the biggest in London this year but weak demand has forced advisers working on plans to float the business to postpone the share issue.

Swiss Re, which co-owns the business with Japan’s MS&AD Insurance Group, had set a price range of 280p to 330p, notionally valuing it at £2.8 billion to £3.3 billion. Trading in the shares was meant to begin in London this morning.

Swiss Re’s chief financial officer John Dacey, says: “While we firmly believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, there has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure’s value and future prospects.”


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