Swiss Re unloads half of Phoenix stake for more than $600 mln
ZURICH, June 23 (Reuters) - Reinsurer Swiss Re SRENH.S said on Wednesday it will cut its shareholding in Phoenix Group PHNX.L by selling a roughly 6.6% stake for 437 million pounds ($608.83 million), leading to a low single-digit increase in group's Swiss solvency test ratio.
The Swiss reinsurer, which said the impact on U.S. GAAP earnings will be insignificant, added that it had also agreed to a lock-up for its remaining Phoenix stake of 6.6% of 90 days following closing, subject to waiver, as is customary. The sale is expected to close on Friday. ($1 = 0.7178 pounds)
Reporting by John Miller Editing by Riham Alkousaa
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