Swiss Re takes out insurance on its own IPO CGAThompson
Swiss Re has set a price range of 2.80-3.30 pounds for shares in the flotation of its UK life assurance business ReAssure, the world's second-largest reinsurance company said on June 27.
The offer is expected to deliver a free float equivalent to 26% of ReAssure's issued share capital, although up to 15% more will made available as part of an over-allotment allocation. Zurich-based Swiss Re is spinning off ReAssure to put the business under a more favourable regulatory regime and give it easier access to capital to fund its expansion.
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