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Swiss Re intends to sell 15.9% stake in PartnerRe.
(From Insurance Day)
Byline: Richard Banks
GLOBAL insurance giant Swiss Re yesterday indicated it intends to sell its stake in Bermuda's PartnerRe. Swiss Re, which was one of the original capital providers when PartnerRe was established 10 years ago, currently holds a 15.9% stake, making it the Bermudian company's largest shareholder. Based on PartnerRe's share price as Insurance Day went to press yesterday, Swiss Re could free up some $450m in capital. Last November Swiss Re cut its stake from 27%, saying it wanted to reduce its equity exposure and concentrate its capital directly on reinsurance business.
Yesterday Swiss Re was unwilling to comment on its latest decision, other than to quote from its amended 13D filing with the US Securities & Exchange Commission (SEC): "Given the positive outlook for the reinsurance market, Swiss Re believes it can best capitalise on these opportunities by allocating its capacity directly to its reinsurance business. The request for SEC registration is also in line with Swiss Re's strategy to reduce its equity exposure."
A spokesman for PartnerRe told Insurance Day yesterday: "We've always viewed Swiss Re as a shareholder, just like any other shareholder. It is a little different because it was a founding shareholder. PartnerRe and Swiss Re always enjoyed a good ...
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