Swiss Re: suspends ReAssure IPO due to market conditions
(CercleFinance.com) - Swiss Re said on Thursday it is suspending ReAssure's planned initial public offering, due to negative market conditions.
The decision is in response to heightened caution and weak demand in the UK primary market from large institutional investors, the Swiss reinsurer said.
"There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and future prospects," said Swiss Re's CFO John Dacey.
Yet, the company maintains its objective to reduce its ownership and to de-consolidate the UK closed life business, the group said.
The Swiss Re share was down 2.7% in Zurich after the news.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The decision is in response to heightened caution and weak demand in the UK primary market from large institutional investors, the Swiss reinsurer said.
"There has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and future prospects," said Swiss Re's CFO John Dacey.
Yet, the company maintains its objective to reduce its ownership and to de-consolidate the UK closed life business, the group said.
The Swiss Re share was down 2.7% in Zurich after the news.
Copyright (c) 2019 CercleFinance.com. All rights reserved.