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Swiss Re Suspends ReAssure IPO - Quick Facts

Swiss Re (SSREY.PK) has suspended the company's plans for an initial public offering of ReAssure in light of the weaker underlying demand in the UK primary market from large institutional investors. The company said it retains the objective to reduce Swiss Re's ownership in order to de-consolidate ReAssure.

Swiss Re's CFO John Dacey said: "While we firmly believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, there has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure's value and future prospects."

Under the previously announced initial public offering, the IPO price range was 280 pence to 330 pence per share, implying a market capitalisation for ReAssure of 2.8 billion pounds to 3.3 billion pounds.

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