Swiss Re is looking at buying a stake in China Pacific Insurance Co. (CPIC) via a primary offering of the Chinese company’s securities, the Swiss reinsurer said on Wednesday.
Swiss Re declined to comment on a separate report that China Pacific was planning to take a stake in the Zurich-based company, but said it was not planning to issue shares or make treasury shares available to any potential investor.
China Pacific said in September it was planning to issue global depository receipts on the London Stock Exchange, potentially opening opportunities for international investors.
“No definitive agreement has been entered into between Swiss Re and CPIC. Any securities offering by CPIC remains subject to various contingencies, including CPIC’s decision to proceed with any such offering,” Swiss Re said in a statement.
“Separately, Swiss Re has no current intention of issuing new shares or making treasury shares available to any potential investor,” the Zurich-based company added.
Late last month, Swiss Re shelved a second tranche of share buybacks due to big claims from natural and man-made catastrophes, but said its capital position remained strong enough to pursue growth opportunities.
(Reporting by John Miller; editing by Brenna Hughes Neghaiwi and Mark Potter)
Topics China
Was this article valuable?
Here are more articles you may enjoy.
Florida AG Says His Office Investigating ‘Anti-Public Adjuster’ Endorsements in Policies 
Oaktree’s Deal to Buy A-Cap Insurer Crumbles, Spawning New Talks 
Reuters: DXC in Advanced Talks to Sell Insurance Software Unit for $2.4 Billion 
All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery 
