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Swiss Re agrees to sell ReAssure to Phoenix Group

06 December 2019 Swiss Re

• Transaction values ReAssure at GBP 3.25 billion
• Swiss Re to receive GBP 1.2 billion cash payment, with the balance of the consideration paid in Phoenix shares
• Swiss Re estimates that the transaction will have a positive impact on its Group Swiss Solvency Test (SST) ratio and economic profit and a negative impact on its US GAAP results in Q4 2019

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. ReAssure’s minority shareholder, MS&AD Insurance Group Holdings Inc, will receive shares in Phoenix representing an 11% to 15% stake. 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%.

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