Japan's SoftBank Group Corp. is in discussions with Swiss Re AG over potentially taking several seats on the reinsurer's board, the Financial Times reported Feb. 18, citing people close to the matter.
Earlier in February, Swiss Re confirmed that the parties were engaged in preliminary discussions of a potential minority investment by SoftBank in Swiss Re. The Wall Street Journal reported that the Japanese telecommunications firm could invest $10 billion or more for a third of the reinsurer.
According to the Financial Times, SoftBank founder, Chairman and CEO Masayoshi Son and Swiss Re Chairman Walter Kielholz will meet in the coming weeks to further talks on the deal. Board representation would give SoftBank influence over how Swiss Re invests its $161 billion portfolio, according to the report.
SoftBank did not comment, according to the paper, and Swiss Re declined to comment beyond reiterating that talks were in early stages.