The life insurance firm headed by former Scottish Widows chief executive Archie Kane today announced it is pressing ahead with plans for a stock market flotation.
ReAssure, one of the leading consolidators in the sector with 4.3 million policies and £68.7 billion of assets under administration, said the flotation would help it benefit from significant opportunities to take on more closed book insurance work in the UK and Europe.
ReAssure is the sixth largest life insurance group in the UK and is majority owned by Swiss Re which plans to cut its stake to under 50% as part of the float which it first said it was considering last year.
Kane, the chairman of ReAssure who joined the group in January 2019, said: "Today's announcement marks a milestone in our corporate development. ReAssure is a scale player with a proven track record.
“We have developed a valuable franchise with the potential for significant future growth in the UK closed book markets. Our focused business model and highly experienced management team put us in a powerful position to deliver attractive returns.”
Previously, Kane was the chairman of the Bank of Ireland and the Association of British Insurers. The University of Glasgow accountancy graduate was a director of Lloyds Banking Group at the time of the takeover of Bank of Scotland.
