21 Subsequent events
Investment by MS&AD Insurance Group Holdings Inc into ReAssure
In October 2017, Swiss Re reached an agreement with MS&AD Insurance Group Holdings Inc (MS&AD) for an investment of up to GBP 800 million into ReAssure, for up to a three-year period from closing and with a maximum shareholding of 15%.
On 23 January 2018, after ReAssure obtained regulatory approval for the transaction, MS&AD acquired a 5% stake in ReAssure (via a parent company) for GBP 175 million and subscribed for additional shares of GBP 330 million. On 28 February 2018, MS&AD subscribed for additional shares of GBP 82 million. These three investments now result in a total shareholding of ReAssure by MS&AD of 15%.
The Group financial statements and related notes presented in this report are not impacted.
Legal and General life policies
Effective 1 January 2018, ReAssure entered into an agreement with Legal and General Assurance Society Limited to reinsure 1.1 million policies for GBP 650 million. It is intended that the reinsured polices will be transferred to ReAssure at a future date by way of a Part VII transfer under the Financial Services and Markets Act 2000, subject to regulatory approval.