German reinsurer Munich Re has reportedly divested over 7.4 million additional shares in British insurer Admiral Group.
The move slashed the Munich-based company’s stake in Admiral Group to over 1.8%.
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Based on current prices, the 7.4 million shares are valued at over £150m.
Munich Re in a statement said: “Munich Re has committed not to sell any further shares in Admiral for a period of 12 months.
“Munich Re continues to believe in Admiral’s business model and management team and the sale is not expected to have any impact on the business relationship with Admiral.”
Munich Re’s shareholding in the insurer was said to be 15.1% until April 2009.
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By GlobalDataOn 30 April 2009, the firm confirmed selling 13 million shares in Admiral Group.
Last year, Munich Re reportedly offloaded a further 12.1 million shares in the British insurer, bringing down its total stakes to 6% of its market cap.
At the time, the company held nearly 18 million shares in the insurance firm. The latest announcement drooped its shares further to over 10.6 million shares.
Admiral, in first half of this year, reportedly recorded a 48% year-on-year drop in pretax profit to £251.3m from £482.2m.
Earlier this year, SelectQuote partnered with Munich Re Life US and Symetra Life Insurance Company to launch an instant-issue term life insurance offering, SwiftTerm Select.
The point-of-sale customised term life product, being sold exclusively via the SelectQuote platform, provides instant decision underwriting through Munich Re Life US platform alitheia.
