Swiss Re fully exits Phoenix Group holding with new £440m stake sale

Global reinsurer has further reduced its shareholding in London-based insurance company  Phoenix Group Holdings by selling approximately 6.6 percent stake for around £440 million through an accelerated bookbuilding process.

Swiss Re Finance Midco (Jersey), a wholly owned subsidiary of Swiss Re Group, sold 66 million ordinary shares of Phoenix at a price of 664 pence per share.

In June 2021, Swiss Re sold a 6.6 percent stake in Phoenix for £437 million.

Following the completion of the latest placing, Swiss Re will have fully exited its holding in Phoenix. The Phoenix stake was acquired by Swiss Re in the sale of ReAssure in 2020.

Merrill Lynch International acted as sole global coordinator and sole Bookrunner on the placing.

Phoenix was not a party to the placing and will not receive any proceeds from the placing.

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