$171 Million Capital Gain for Swiss Re on PartnerRe Sale
Swiss Re will sell its remaining 8.3 million shares in Bermuda’s PartnerRe, around 16 percent of the company’s total shares, on the open market, pursuant to a registration statement with the Securities and Exchange Commission, as previously requested by Swiss Re (See IJ Website April 30), which was declared effective on May 5.
The transaction is expected to close on Friday, May 9, 2003.
Swiss Re’s announcement indicated that it “was the sponsoring investor in PartnerRe’s formation in 1993. The sale is in line with Swiss Re’s strategy to actively allocate capital to its core reinsurance business, where conditions are currently positive. Swiss Re’s capital gain from the sale is expected to be CHF 230 million.” [$171.3 million]
Popular Today
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Investors Are Increasingly Interested in a Novel Type of Weather Insurance
- Growing Wildfire Risk Leaves States Grappling With How to Keep Insurers From Fleeing
- Two Montgomery Workers Charged with Insurance Fraud in Alabama