Swiss Re has entered an settlement to promote its complete 10.05% stake in Definity Monetary, comprising 11,647,217 frequent shares.
The shares are being offered by Swiss Re Funding Holdings Firm via an underwritten block commerce, with the deal closing on 19 March 2025.
Swiss Re offered the shares at C$56.20 apiece, leading to complete proceeds of roughly C$655m.
This transaction is underwritten by CIBC Capital Markets and Nationwide Financial institution Monetary.
In March 2024, Swiss Re and its subsidiary, Swiss Re Investments Holding Firm, acquired 197,217 frequent shares of Definity via the Toronto Inventory Trade at a median worth of C$46.25 every.
Earlier than the March 2024 acquisition, Swiss Re’s stake in Definity was roughly 9.88%. The acquisition elevated its holding to the present 10.05%.
Swiss Re Group CEO Andreas Berger stated: “We’re very impressed with the numerous progress Definity has made since its IPO [initial public offering] in November 2021 and proceed to worth the continuing enterprise relationship with the corporate.
“Swiss Re continues to be a robust believer in Definity’s path in the direction of turning into a number one P&C [property and casualty] insurer in Canada. The sale was accomplished within the context of an everyday evaluation and rebalancing of Swiss Re’s funding portfolio and is in keeping with the Group’s total funding technique throughout fairness and various investments.”
Swiss Re reported internet earnings of $3.2bn (SFr2.82bn) in 2024, with the fourth quarter contributing $1.1bn.
The P&C Reinsurance division reported internet earnings of $1.2bn for the yr, whereas the Life & Well being Reinsurance division’s internet earnings stood at $1.5bn.
Earlier this month, the corporate appointed Kera McDonald as its new group chief underwriting officer, together with her tenure set to start on 1 June 2025.
