How much percentage stake of Phoenix Group Holding PLC does Swiss Re received as a part of the ReAssure sale?
Swiss Re acquired stake in Phoenix Group in 2020 through the sale of its UK subsidiary ReAssure to Phoenix. Following the completion of the deal, Swiss Re will be left with an approximately 6.6% stake in Phoenix. Swiss Re has agreed for a lock-up period of 90 days for the remaining shares it holds.
Does Swiss Re own ReAssure?
Swiss Re today announced the sale of ReAssure to Phoenix Group Holdings, subject to regulatory approval. Phoenix Group Holdings is a FTSE 100 listed company.
Who is ReAssure owned by?
Phoenix Group
We are today pleased to announce that Phoenix Group has acquired ReAssure and is now the UK’s largest long-term savings and retirement business.
What companies take over ReAssure?
Today the Phoenix Group has completed its acquisition of ReAssure; this will see Phoenix Group become the UK’s largest long-term savings and retirement business with circa 14 million policies.
Did ReAssure taken over Phoenix?
Who is ReAssure pension?
Originally founded in 1963, ReAssure is a life and pensions company which buys and administers closed books of business from other companies.
Did Phoenix take ReAssure?
Who bought Phoenix Life Insurance?
Nassau Reinsurance Group
In September 2015, Phoenix announced they were being acquired by Nassau Reinsurance Group, a privately held company, for $217.2 million. The acquisition closed on June 20, 2016 and Phoenix became a private company.
Is Phoenix Life genuine?
Have you have recently received a letter suggesting you may be a Phoenix Life policy holder and asking that you confirm your details with us? Please don’t be alarmed – this is a genuine mailing.
What did Swiss Re announce?
Swiss Re announced today an agreement to sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at GBP 3.25 billion, Swiss Re will receive a cash payment of GBP 1.2 billion, shares in Phoenix representing a 13% to 17% stake and be entitled to a seat on its Board of Directors.
How many shares will Swiss Re and MS&AD receive from Phoenix?
The respective number of shares Swiss Re and MS&AD receive will depend on Phoenix’s share price at closing of the sale, while the total shareholding of both companies is fixed at approximately 28%. Christian Mumenthaler, Swiss Re’s Group CEO, said: “We believe this transaction maximises long-term value for Swiss Re shareholders.
What does Swiss Re’s acquisition of Phoenix mean for reassure?
As part of the transaction, Swiss Re will reacquire the 25% stake in ReAssure currently held by MS&AD. The consideration for this purchase will be Phoenix shares with value of up to GBP 1.0 billion at signing. This represents a GBP 0.1 billion premium to MS&AD’s cost base 2 for its holding in ReAssure.
What is the Swiss Re Group?
Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.
