SoftBank seeks Swiss Re board seats: report
Japanese conglomerate SoftBank is seeking to join Swiss Re’s board as it negotiates the acquisition of a minority stake in the reinsurer, according to a Feb. 18 Financial Times report.
Earlier in February, Swiss Re confirmed that it is in talks with SoftBank Group regarding a potential minority investment in the reinsurer. The company added that the negotiations are at a "very early stage".
"There is no certainty that any transaction will be agreed, nor as to the terms, timing, or form of any transaction," Swiss Re said.
Softbank’s communication and technology expertise and network of hi-tech investments would give Swiss Re a competitive advantage as the re/insurance sector adapts to transformational technologies that will over time test its business model, according to Moody’s.
According to the Financial Times, discussions now centre on a deal that would see SoftBank becoming an anchor shareholder in Swiss Re with a 20 to 30 percent stake and gaining multiple seats on the company’s board, citing people close to the matter.
Swiss Re did not want to comment direclty on the news report and referred to the previous statement on the Softbank negotiations.
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