Swiss Re to Sell 10.05% Stake in Definity Financial for CAD 655 Million

Zurich (Reuters) – Swiss Re, one of the world’s largest reinsurance companies,  has announced an agreement to sell 11,647,217 common shares of Definity Financial, representing approximately 10.05% of Definity’s issued and outstanding common shares as of March 17, 2025.

The shares are being sold by Swiss Re Investment Holdings Company through an underwritten block trade at a price of CAD 56.20 per share, generating total cash proceeds of approximately CAD 655 million. The offering, underwritten by CIBC Capital Markets and National Bank Financial, is expected to close on March 19, 2025.

Prior to the sale, Swiss Re held 11,647,217 common shares of Definity Financial, representing 10.05% of the company’s total outstanding shares. Following the completion of the transaction, Swiss Re will no longer hold any stake in Definity Financial.

Swiss Re stated that the sale aligns with its regular portfolio review and rebalancing strategy, reinforcing its broader investment approach across equity and alternative assets. Despite the divestment, Swiss Re reaffirmed confidence in Definity’s strategic direction and continued growth in the Canadian property and casualty insurance market.