Swiss Re opens talks with possible investor

Swiss Re opens talks with possible investor

Swiss Re shares were trading at 94.00 Swiss francs ($99.4), up almost 4.2 percent on the news, as of 1030 GMT.

Swiss Re shares are in the green Thursday, as investors are upbeat on news Japanese bank Softbank is in talks with the Swiss reinsurer to buy a minority stake in the business.

The company may try to offer Swiss Re's insurance products directly to consumers, including to people who drive for Uber Technologies Inc. or utilize office space from WeWork Cos., two of its investments, according to the Wall Street Journal, which reported the discussions earlier. A spokesman for SoftBank didn't immediately respond to requests for comment.

A significant investment in one of the world's largest reinsurance firms would mark a departure from recent moves, but analysts said that Swiss Re is an attractive target because of its reliable strong cash flow and revered performance record. SoftBank stock closed up 1 percent.

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In 273 career appearances (138 starts), he averaged 14.3 points, 3.3 rebounds and 2.9 assists per game, averaging 28.1 minutes. Whether the restructuring is enough to persuade James to remain in Cleveland however is an open question.

The company added that the negotiations are at a "very early stage".

On Wednesday, SoftBank said it was planning to raise further funds that could be used to shore up its finances or to make further investments by listing its domestic telecoms unit. "Prices charged by reinsurers have only increased modestly so far this year, but I would expect a further boost later this year".

The Softbank Group recently led a $120 million funding round in United States insurtech firm Lemonade. That could bring a huge number of potential insurance customers - from ride-share drivers to dog walking app users - into what Son calls his "synergy group" of companies.

SoftBank founder Masayoshi Son has said he wants to build a group of industry-leading companies that, powered by technological advancements in artificial intelligence and interconnected devices, will endure for 300 years. According to the newspaper, the Japanese conglomerate can acquire up to a third of Swiss Re's shares.

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