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Swiss Re: sells life unit ReAssure to Phoenix Group

(CercleFinance.com) - Swiss Re is selling its subsidiary ReAssure Group to UK insurer Phoenix Group in a deal valuing the life insurance unit at 3.
25 billion pounds (about 3.85 billion euros).

As part of the deal, Swiss Re will receive a cash payment of 1.2 billion pounds (around 1.4 billion euros), shares in Phoenix representing a 13% to 17% stake and will be entitled to a seat on its board of directors, the Swiss reinsurer said.

Swiss Re said it wanted to deconsolidate ReAssure. The transaction is expected to close in mid-2020.

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