SoftBank lining up to acquire third of SwissRe
Japanese conglomerate SoftBank is manoeuvering to buy a minority stake in SwissRe, the Zurich-based re-insurer.
If confirmed, the acquisition would bring SoftBank firmly into the realm of the international insurance industry, and greatly strengthen its presence in international markets. SwissRe is one of the world’s largest and oldest re-insurers. At markets-close on Wednesday SwissRe had a market value of $33bn.
According to reports, advanced talks are focusing on the acquisition of around a third of SwissRe’s shares, with an estimated value in excess of $10bn. The prospective deal is proof of SoftBank’s aggressive ambitions to expand into the international financial services industry.
In December SoftBank made an initial foray into the insurance sector, with a $120m investment in Lemonade Insurance Agency, a fintech startup that offers speedier claims for renters and homeowners.