Swiss Re to reduce its stake in the Phoenix Group

Swiss Re is selling a 6.6% stake in the capital of Phoenix Group. The transaction is valued at 437 million GBP (609.1 million USD). This sale aims at rebalancing Swiss Re's investment portfolio.

The Swiss reinsurer had acquired a stake in Phoenix Group when it sold its British subsidiary ReAssure.

Swiss Re still has a 6.6% stake in the British group. These shares are subject to a 90-day blocking period after the transaction is concluded.