Swiss Re divests 10.05% stake in Definity for C$655 million

Swiss Re has announced the sale of its entire 10.05% stake in Definity Financial Corp., comprising 11,647,217 shares at a price of CAD 56.20 each, generating approximately CAD 655 million. This divestment, led by Swiss Re Investment Holdings Company and underwritten by CIBC Capital Markets and National Bank Financial, is set to close on March 19, 2025. Group CEO Andreas Berger praised Definity's growth since its IPO in November 2021 and emphasized that the sale aligns with Swiss Re's investment strategy and regular portfolio review. Following the sale, Swiss Re will no longer hold any shares in the Canadian property and casualty insurer, which has been positioning itself as a significant player in the market. The move reflects Swiss Re's ongoing evaluation of its global investment portfolio amidst a strategic repositioning. An early warning report will be filed with Canadian securities regulators to disclose the transaction details.