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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Swiss Re    SREN   CH0126881561

SWISS RE

(SREN)
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Rothesay Life plans 3.5-billion-pound bid for Swiss Re's UK arm - Sky News

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01/04/2019 | 08:54am EDT

(Reuters) - Insurer Rothesay Life is planning a 3.5-billion-pound bid for a unit of reinsurance company Swiss Re, Sky News reported on Friday, putting into question the Zurich-based company's plans to list the British unit in 2019.

Rothesay had approached Swiss Re some weeks back to buy ReAssure, Swiss Re's British closed books division, and would make a formal offer in the coming months, Sky News reported https://news.sky.com/story/rothesay-gatecrashes-swiss-re-ipo-with-35bn-bid-11598646, citing sources.

Both Rothesay and Swiss Re declined to comment.

The news comes less than a month after Swiss Re, the world's second-largest reinsurer, named a chief executive officer for its ReAssure amid plans for an initial public offering of the British unit.

Swiss Re announced the IPO plans in August last year, saying it was important for the unit to have access to new capital to buy more closed books.

Rothesay, which has been actively bulking up its portfolio, last year bought a 12-billion-pound UK annuities book from insurance giant Prudential and an 860 million pounds portfolio of equity release loans from UK Asset Resolution.

Such deals are attractive as ever with insurers struggling to pay guaranteed returns for life insurance policies due to record-low interest rates and more stringent European capital rules.

Analysts have pegged that ReAssure could achieve a market capitalisation of about $3 billion (£2.3 billion), or roughly half its book value.

The IPO market has been affected due to uncertainties stemming from UK's plans to leave the European Union. Mobile operator O2 had put its 10 billion pound IPO plans on hold citing Brexit uncertainties last year.

(Reporting by Muvija M in Bengaluru and Michael Shields in Zurich; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article
ChangeLast1st jan.
PRUDENTIAL PLC 1.15% 1687.5 Delayed Quote.19.01%
SWISS RE -0.08% 99.76 Delayed Quote.10.81%
VALUE8 -0.36% 5.58 Delayed Quote.18.14%
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Financials ($)
Sales 2019 39 611 M
EBIT 2019 3 367 M
Net income 2019 2 329 M
Debt 2019 -
Yield 2019 5,84%
P/E ratio 2019 12,60
P/E ratio 2020 10,49
Capi. / Sales 2019 0,85x
Capi. / Sales 2020 0,84x
Capitalization 33 811 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 100,0 $
Spread / Average Target -0,47%
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Managers
NameTitle
Christian Mumenthaler Group Chief Executive Officer
Walter Bruno Kielholz Chairman
Thomas Wellauer Group Chief Operating Officer
John Robert Dacey Group Chief Financial Officer
Markus Schmid Head-Group Information Technology
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1st jan.Capitalization (M$)
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