Swiss Re subsidiary ReAssure confirms IPO, expects LSE listing in July

ReAssure, a subsidiary of Swiss Re, has confirmed plans to undertake its initial public offering as per its announcement on the 7 June 2019.

Ordinary shares for ReAssure, which specialises in acquiring and managing closed books of life insurance policies, are expected to be listed on the London Stock Exchange in July 2019.

The Swiss reinsurer first flagged a potential IPO for the subsidiary in August 2018. After the IPO, analysts predict Swiss Re would reduce its stake to below 50 percent from its current 75 percent.

Ahead of the IPO, the closed book specialist was made a standalone group so that a more efficient and appropriate capital structure could be brought in. This included a net increase of £481 million in ReAssure's capital position by its two shareholders (Swiss Re and MS&AD Insurance Group Holdings) in proportion to their current holdings.

Mark Hodges was appointed the new CEO of ReAssure in December 2018, while Archie Kane was recently appointed non-executive chairman to manage IPO preparations.

In October 2017, Swiss Re reached an agreement with Japanese insurance group MS&AD for an investment into ReAssure of up to £800 million.

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