Swiss Re has entered an agreement to sell its entire 10.05% stake in Definity Financial, comprising 11,647,217 common shares.
The shares are being sold by Swiss Re Investment Holdings Company through an underwritten block trade, with the deal closing on 19 March 2025.
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Swiss Re sold the shares at C$56.20 apiece, resulting in total proceeds of approximately C$655m.
This transaction is underwritten by CIBC Capital Markets and National Bank Financial.
In March 2024, Swiss Re and its subsidiary, Swiss Re Investments Holding Company, acquired 197,217 common shares of Definity through the Toronto Stock Exchange at an average price of C$46.25 each.
Before the March 2024 acquisition, Swiss Re’s stake in Definity was approximately 9.88%. The purchase increased its holding to the current 10.05%.
Swiss Re Group CEO Andreas Berger said: “We are very impressed with the significant progress Definity has made since its IPO [initial public offering] in November 2021 and continue to value the ongoing business relationship with the company.
“Swiss Re continues to be a strong believer in Definity’s path towards becoming a leading P&C [property and casualty] insurer in Canada. The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments.”
Swiss Re reported net income of $3.2bn (SFr2.82bn) in 2024, with the fourth quarter contributing $1.1bn.
The P&C Reinsurance division reported net income of $1.2bn for the year, while the Life & Health Reinsurance division’s net income stood at $1.5bn.
Earlier this month, the company appointed Kera McDonald as its new group chief underwriting officer, with her tenure set to commence on 1 June 2025.
