Swiss Re: Japanese group takes minority stake in ReAssure.
(CercleFinance.com) - Swiss Re said on Friday that Japanese insurance group MS&AD has agreed to acquire a 5% stake in ReAssure for 175 million pounds (around 200 million euros), in a deal valuing Swiss Re's closed book unit at around 3.
5 billion pounds (approximately 3.9 billion euros).
The Zurich-based reinsurer said MS&AD has committed to invest, for up to a three-year period from closing, a total of 800 million pounds in ReAssure, with a maximum shareholding of 15%.
In a statement, Swiss Re said ReAssure still remains a core part of its business.
Closed books are policies that are no longer sold but are still on the books of a life insurance carrier as premium-paying policies, often as a consequence of discontinuing unprofitable products, or as a result of mergers and acquisitions.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
5 billion pounds (approximately 3.9 billion euros).
The Zurich-based reinsurer said MS&AD has committed to invest, for up to a three-year period from closing, a total of 800 million pounds in ReAssure, with a maximum shareholding of 15%.
In a statement, Swiss Re said ReAssure still remains a core part of its business.
Closed books are policies that are no longer sold but are still on the books of a life insurance carrier as premium-paying policies, often as a consequence of discontinuing unprofitable products, or as a result of mergers and acquisitions.
Copyright (c) 2017 CercleFinance.com. All rights reserved.