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Swiss Re suspends ReAssure IPO

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Swiss Re suspends ReAssure IPO
FILE PHOTO: The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann   -   Copyright  ARND WIEGMANN(Reuters)
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ZURICH (Reuters) – Reinsurance group Swiss Re <SRENH.S> has suspended plans for an initial public offering of UK life assurance company ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.

“While we firmly believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, 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,” Chief Financial Officer John Dacey said in a statement, adding the group still intended to reduce its ownership in ReAssure.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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