Swiss Re to sell 10.05% stake in Definity Financial

Swiss Re announced an agreement to sell 11,647,217 common shares of Definity Financial representing approximately 10.05% of the issued and outstanding Common Shares as of March 17, 2025.

The Common Shares are being sold by Swiss Re Investment Holdings Company on an underwritten block trade basis at a price of CAD 56.20 per Common Share for aggregate cash proceeds of approximately CAD 655 million. The Offering has been underwritten by CIBC Capital Markets and National Bank Financial and is expected to close on March 19, 2025.

Immediately before the Offering, Swiss Re owned 11,647,217 Common Shares, representing approximately 10.05% of the issued and outstanding Common Shares. After giving effect to the Offering, Swiss Re will no longer hold any Common Shares.

“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. Swiss Re continues to be a strong believer in Definity’s path towards becoming a leading P&C insurer in Canada. The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments.” – Andreas Berger, Swiss Re’s Group Chief Executive Officer.