Swiss Re has completed the sale of its entire 10.05% stake in Definity Financial Corp., marking a significant strategic move in the company's investment portfolio management. 

The Swiss reinsurance giant sold 11,647,217 common shares at CA$56.20 per share, generating aggregate cash proceeds of approximately CA$655 million. CIBC Capital Markets and National Bank Financial Inc. underwrote the block trade, which is expected to close on March 19, 2025. 

"We are very impressed with the significant progress Definity has made since its IPO in November 2021 and continue to value the ongoing business relationship with the company," said Andreas Berger, Swiss Re's Group CEO.  

He emphasized that the sale was part of a regular portfolio review and aligns with the company's broader investment strategy. 

Prior to the offering, Swiss Re owned approximately 10.05% of Definity's issued and outstanding common shares. Following the transaction, the company will no longer hold any shares in the Canadian property and casualty insurer. 

The divestment comes at a time of strategic repositioning for Swiss Re, which continues to evaluate its global investment portfolio. Definity, since its initial public offering in 2021, has been working to establish itself as a leading P&C insurer in the Canadian market. 

Swiss Re will file an early warning report with Canadian securities regulators, detailing the share sale. The report will be available on SEDAR+ for public review. 

Founded in 1863 and headquartered in Zurich, Switzerland, the Swiss Re Group operates through a global network of approximately 70 offices. The company specializes in reinsurance, insurance, and risk transfer solutions. 

Read more: Swiss Re is one of the largest reinsurance companies in Canada

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