has revealed it is engaged in preliminary talks with a Japanese conglomerate for a possible “minority investment” in the reinsurer.
“Discussions are at a very early stage,” said Swiss Re
in a brief statement. “There is no certainty that any transaction will be agreed, nor as to the terms, timing, or form of any transaction.”
A report by The Wall Street Journal
, however, described the talks with SoftBank Group Corp. as advanced, with the reinsurance giant’s management said to have met recently with top officials in Tokyo – including SoftBank chairman and chief executive Masayoshi Son.
Citing people privy to the deal in the works, the newspaper added that as much as a third of Swiss Re
’s shares could be sold to SoftBank. That would translate to at least $10 billion.
Meanwhile in an unrelated release issued by SoftBank yesterday, it noted a ramping up of its investments on a global scale.
“SBG is currently accelerating its global investment activities through the SoftBank Vision Fund and other vehicles to drive overall growth for the SoftBank Group,” said the Japanese firm.
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