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

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.