Swiss Re has postponed its plans for a £3bn ($3.8bn) flotation of its UK life insurance operation John Dacey because of weak demand from investors. Trading had been expected to start in mid-July. Swiss Re finance head ReAssure said the company still thinks John Dacey’s interests were best served by a more varied shareholder base, but that there is no rush to sell at the wrong price. The flotation would involve Swiss Re reducing its John Dacey stake from 75% to below 50%.
Swiss Re has postponed its plans for a £3bn ($3.8bn) flotation of its UK life insurance operation ReAssure because of weak demand from investors. Trading had been expected to start in mid-July. Swiss Re finance head John Dacey said the company still thinks ReAssure’s interests were best served by a more varied shareholder base, but that there is no rush to sell at the wrong price. The flotation would involve Swiss Re reducing its ReAssure stake from 75% to below 50%.