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Insurance giant Swiss Re did say last month that there was no certainty that any minority investment would be agreed with Japanese conglomerate SoftBank Group Corp. Now the two parties are done talking, without a deal.
In a brief announcement, Swiss Re revealed that both sides have agreed to end their discussions – described in April as being at an early stage – about SoftBank’s potential minority investment in the reinsurer. The Zurich-based firm previously said that the prospective investment was not likely to go beyond a tenth of Swiss Re’s share capital.
Meanwhile, with the minority investment off the table, it looks like other areas of possible tie-ups will be considered.
“Swiss Re will continue to implement its technology strategy with a combination of in-house developments and third-party collaborations,” said Swiss Re in its statement. “In this context, the company will also further explore business ideas between Swiss Re’s operative entities and the portfolio companies of SoftBank.”
Earlier this year the Tokyo-headquartered holding company said it was accelerating its global investment activities to drive overall growth.
