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. The company said it would now focus on the sale and management of its other businesses, including property investment trusts (REITs), which are not part of the reinsurance. The flotation would involve Swiss Re reducing its ReAssure 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%.