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ReAssure aims for £3.3bn IPO valuation as it spins off from Swiss Re

Published: 06:04 27 Jun 2019 EDT

ipo
The IPO will see parent Swiss Re float at least 26% of ReAssure’s shares

ReAssure Group PLC, the UK closed-book arm of Swiss Re, will aim to float in London with a market cap of £2.8bn-£3.3bn.

The life insurance consolidator said on Thursday that the price for its initial public offer had been set at 280p-330p per share when it floats next month.

READ: ReAssure to float in London as part of spin-out from parent Swiss Re

Only 26% of ReAssure’s shares will be issued as free float, all being sold by parent Swiss Re, while Japanese insurance group MS&AD Insurance is retaining its 25% stake.

An over-allotment of another 3.9% chunk of Swiss Re’s shares will be made available if investor demand requires it, which if fully taken up would see a total potential sell down by the reinsurance giant of 29.9%.

Credit Suisse is leading the sale of shares to institutions in the City and Wall Street, with Morgan Stanley and UBS joint co-ordinators and bookrunners.

When MS&AD made its second investment last December, the valuation of ReAssure was given as £3.5bn.

As well as providing a partial exit for its parent and widen its access to capital in future, ReAssure has said it is pursuing the IPO to increase its "flexibility and appetite for growth as it will no longer be subject to Swiss Re specific constraints".

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