Swiss Re is promoting its total 10.05% stake in Definity Monetary, the Canadian property/casualty insurer, for C$655 million ($458.1 million) — a choice the reinsurer made after a overview of its funding portfolio.
On March 19, Swiss Re was on account of promote 11,647,217 frequent shares at CA$56.20 per share, which represents roughly 10.05% of the corporate’s excellent frequent shares.
After the sale, Swiss Re can have divested its total stake in Waterloo, Ontario-based Definity Monetary.
“We’re very impressed with the numerous progress Definity has made since its IPO in November 2021 and proceed to worth the continued enterprise relationship with the Firm. Swiss Re continues to be a robust believer in Definity’s path in the direction of turning into a number one P&C insurer in Canada,” stated Andreas Berger, Swiss Re’s group chief government officer, in a press release.
“The sale was completed within the context of a daily overview and rebalancing of Swiss Re’s funding portfolio and is in step with the Group’s total funding technique throughout fairness and different investments,” he added.
The providing was underwritten by CIBC Capital Markets and Nationwide Financial institution Monetary Inc.
{Photograph}: Swiss Re emblem displayed at Zurich headquarters; photograph credit score: Swiss Re
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