Reinsurance giant Swiss Re has sold its remaining 6.6% shareholding in closed life and pension fund consolidator Phoenix Group Holdings by selling 66,199,917 ordinary shares in the company for about £440 million.

Phoenix Group is the owner of the “old” Standard Life Assurance. Abrdn retains a roughly 15% stake in Phoenix Group.

Swiss Re sold the shares at a price of £6.64 per ordinary share, or roughly 3% below Tuesday’s close, which had valued the reinsurer’s holding in Phoenix at about £453 million.

Merrill Lynch International (BofA Securities) acted as sole global coordinator and sole bookrunner on the share placing.

“Further to the announcement released on 11 January 2022, Swiss Re Finance Midco (Jersey) Limited (an entity wholly owned by Swiss Re Group) announces that it has sold 66,199,917 ordinary shares in the share capital of Phoenix at a price of 664 pence per ordinary share, raising gross proceeds of approximately £440 million,” said Merrill Lynch International in a stock exchange statement.

“The placing was conducted through an accelerated bookbuild.

“Following the completion of the placing, the seller will have fully exited its holding in Phoenix …

“Phoenix was not a party to the placing and will not receive any proceeds from the placing.”