ZURICH (Reuters) – Swiss Re <SRENH.S> and SoftBank <9984.T> have ended discussions about a potential minority investment by the Japanese group, the Swiss reinsurance company said on Monday.
Swiss Re had been talking to SoftBank amid pressure in recent years from falling prices and intense competition, hoping a deal might open new streams of revenue from the fast-growing and unsaturated insurance market of Asia.
“Swiss Re will continue to implement its technology strategy with a combination of in-house developments and third-party collaborations,” Swiss Re said in a statement.
“In this context, the company will also further explore business ideas between Swiss Re’s operative entities and the portfolio companies of SoftBank.”
(Reporting by John Miller; Editing by Clarence Fernandez)