Swiss Re plans to go ahead with the listing of its Reassure subsidiary and will publish the registration document later today.
Reassure plans to publish its registration document on Friday, pending the approval of the U.K.'s Financial Conduct Authority, Swiss Re said in a statement today.
The publication of the registration document is the first step towards the potential listing of Reassure on the main market of the London Stock Exchange.
The world's second-largest reinsurer in August 2018 had announced that it was exploring a possible IPO of Reassure, its business that focuses exclusively on the acquisition and management of closed books of life insurance policies. Should Reassure go ahead with the IPO, Zurich-based Swiss Re will reduce its stake below 50 percent from the current 75 percent.
In preparation for the planned IPO, Reassure was reorganized into a standalone group and the owners will increase the capital position of the business by 481 million pounds ($611 million). Swiss Re owns Reassure together with MS&AD Insurance Group.
