Specialist insurance firm Rothesay Life is reportedly planning a £3.5 billion acquisition of ReAssure, the UK arm of reinsurance giant Swiss Re, according to Sky News reports.
Global reinsurer Swiss Re announced last year that it planned to explore a potential IPO of ReAssure in 2019, with the firm’s Chief Executive Officer (CEO), Christian Mumenthaler, saying that Swiss Re is “not the ideal owner” of its UK closed book business.
Swiss Re then announced the appointment of Mark Hodges as CEO of ReAssure, as it continued to explore options for a potential IPO.
This was followed by a further investment from insurance holding company MS&AD into ReAssure, taking the Japanese firms stake to 25%.
And now, Sky News has reported that it has learnt that Rothesay Life contacted Swiss Re several weeks ago, and is looking to acquire ReAssure for £3.5 billion, potentially disrupting the company’s IPO plans.