Swiss Re plans to sell 11.7 mn common shares of Definity Financial Corp., a Canadian property & casualty group, for C$655 mn, according to BestWire.
The stake represents about 10.05% of Definity’s issued and outstanding common shares.
Andreas Berger, CEO of Swiss Re, said the sale aligns with the company’s regular investment portfolio review and strategy across equity and alternative investments.
Despite the sale, Swiss Re remains committed to the Canadian market and aims to strengthen its relationships with Canadian partners.
The company emphasized that Definity Financial continues to be a valued reinsurance client, according to a statement from Swiss Re.
The shares are being sold by Swiss Re Investment Holdings through an underwritten block trade at C$56.20 per share.
CIBC Capital Markets and National Bank Financial Inc. are underwriting the offering, which was expected to close today. After the sale, Swiss Re will no longer hold any Definity shares.
Berger praised Definity’s progress since its IPO in November 2021 and affirmed Swiss Re’s support for the company’s efforts to become a leading property/casualty insurer in Canada.
Definity, formed in 2021, owns several Canadian property/casualty insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance.
