Swiss Re sells 10.05% stake in Definity Financial

Swiss Re will sell a 10.05% stake in Definity Financial Corp., amounting to 11,647,217 shares. The shares are priced at CAD 56.20 each, which will generate about CAD 655 million. The transaction will take place through an underwritten block trade. Major banks, CIBC Capital Markets and National Bank Financial, will manage the sale. The deal is expected to close on March 19, 2025. Before this sale, Swiss Re owned the same number of shares, but after the sale, they will no longer hold any shares in Definity. Andreas Berger, Swiss Re’s CEO, expressed confidence in Definity's growth since its IPO in November 2021 and mentioned the strong business relationship between the two companies. This sale aligns with Swiss Re’s strategy to review and rebalance its investment portfolio. The company plans to file an early warning report with Canadian securities regulators about this sale.