Swiss Re's ReAssure publishes price range for initial public offering
Article information and share options
Swiss Re informs that its subsidiary, ReAssure Group plc (“ReAssure”), today announced the price range for its initial public offering (IPO). The price range has been set at 280 pence to 330 pence per share, implying a market capitalisation for ReAssure of GBP 2.8 billion to GBP 3.3 billion.
The offer is expected to deliver a free float of 26% of ReAssure's issued share capital. Swiss Re is also making available shares representing up to 15% of the offer as part of an over-allotment arrangement.
The IPO prospectus is expected to be published later today, pending the approval by the UK's Financial Conduct Authority.
This communication is not a prospectus, is not intended to be a recommendation to buy, sell or hold securities and does not constitute an invitation or offer for the sale of, or the solicitation of an offer to buy, securities (including the ordinary shares of ReAssure (the ReAssure Shares”) in any jurisdiction, including the United States. Any such offer will only be made by ReAssure by means of a prospectus and in compliance with applicable securities laws. The ReAssure Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), and may not be offered, sold or resold in the United States unless registered under the 1933 Act or offered and sold in transactions exempt from, or not subject to, the registration requirements of the 1933 Act. ReAssure will not register under the U.S. Investment Company Act of 1940, as amended (the “1940 Act”), and any offer and sale of ReAssure Shares to U.S. persons will only be to U.S. persons who are both “qualified institutional buyers” under Rule 144A promulgated under the 1933 Act and “qualified purchasers” as defined in Section 2(a)(51) of the 1940 Act. There will be no public offer of ReAssure Shares in the United States, and there will be significant ongoing restrictions on resales of ReAssure Shares to U.S. persons.
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.
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