Markets

Reinsurer Swiss Re spikes on a possible $10 billion Softbank stake

Reinsurer Swiss Re spikes on a possible $10 billion Softbank stake

The Zurich-based group said in a statement that "it is engaged in preliminary discussions with SoftBank Group Corp. regarding a potential minority investment in Swiss Re".

SoftBank Group Corp.'s Chief Executive Officer Masayoshi Son is warming to an industry that's always been a favorite of billionaires looking to diversify their business empires.

Swiss Re's top management recently visited Japan and met with SoftBank Chairman and CEO Masayoshi Son, the report said.

Swiss Re said it's in talks with Softbank about a "potential minority investment" and that the discussions are "at a very early stage", according to a company release.

Dana White On Brock Lesnar's Possible Return To UFC: 'Anything Is Possible'
It should be noted that the company recently sent out SummerSlam travel package promotional artwork that did not include Lesnar. Not surprisingly, the Australian resident and legendary fighter was asked to weigh-in on White's recent comments about Lesnar.

Bloomberg reported that the deal could see SoftBank purchasing up to a third of Swiss Re for more than $10 billion (8.2 billion euros), citing sources familiar with the talks who requested anonymity. The Japanese conglomerate has made investments in businesses including ride-hailing, chipmaking, office-sharing, satellite-building, robot-making and even indoor kale-farming. However, "there is no certainty that any transaction will be agreed".

Swiss Re is one of the biggest reinsurers in the world and has been in operation for over 150 years. It is yet unknown whether SoftBank Group itself or the investment fund will buy the Swiss Re stake.

The companies were not immediately available for comment. A glut of capital - and new ways Wall Street dreamed up to transfer risk - has pushed down the prices that the companies can charge for coverage.


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