ReAssure Group PLC Disposal (0142W)
06 December 2019 - 6:00PM
UK Regulatory
TIDM71WW
RNS Number : 0142W
ReAssure Group PLC
06 December 2019
6 December 2019
ReAssure Group plc
Swiss Re agrees to sell ReAssure to Phoenix Group
-- Transaction values ReAssure at GBP 3.25 billion
-- Swiss Re to receive GBP 1.2 billion cash payment and shares
in Phoenix representing a 13% to 17% stake, depending on Phoenix's
share price at closing of the sale
Swiss Re announced today an agreement to sell its subsidiary
ReAssure Group plc to Phoenix Group Holdings plc. As part of the
agreement, which values ReAssure at GBP 3.25 billion, Swiss Re will
receive a cash payment of GBP 1.2 billion, shares in Phoenix
representing a 13% to 17% stake and be entitled to a seat on its
Board of Directors. ReAssure's minority shareholder, MS&AD
Insurance Group Holdings Inc, will receive shares in Phoenix
representing a 11% to 15% stake. The respective number of shares
Swiss Re and MS&AD receive will depend on Phoenix's share price
at closing of the sale, while the total shareholding of both
companies is fixed at approximately 28%.
ReAssure Group plc
ReAssure is a leading closed book life insurance consolidator in
the UK. The group focuses exclusively on the acquisition and
management of closed book life insurance policies, with a mission
to secure and improve customer outcomes for its policyholders.
Forward looking statements
This announcement may contain certain forward-looking
statements, including as to plans, goals, trends and expectations
relating to future financial condition, performance and results,
which describe ReAssure's current expectations of future events
based on certain assumptions, and include any statement that does
not directly relate to a historical fact or current fact. By their
nature, forward-looking statements involve uncertainty and unknown
risks because they relate to future events and circumstances which
are beyond ReAssure's control, including, among others, UK domestic
and global economic and business conditions, market-related risks
such as fluctuations in interest rates and exchange rates, the
policies and actions of regulatory and governmental authorities,
the impact of competition, the timing impact of these events and
other uncertainties of future acquisitions or combinations within
relevant industries. As a result, the group's actual future
condition, performance and results may differ materially from the
plans, goals and expectations set out in these forward-looking
statements and persons reading this announcement should not place
undue reliance on forward-looking statements. These forward-looking
statements are made only as at the date on which such statements
are made and ReAssure does not undertake to update or revise
forward-looking statements contained in this announcement or any
other forward-looking statement it may make.
Further information
Swiss Re Media Relations +41 43 285 7171
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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