ZURICH, June 23 (Reuters) - Reinsurer Swiss Re
said on Wednesday it will cut its shareholding in Phoenix Group
by selling a roughly 6.6% stake for 437 million pounds
($608.83 million), leading to a low single-digit increase in
group's Swiss solvency test ratio.
The Swiss reinsurer, which said the impact on U.S. GAAP
earnings will be insignificant, added that it had also agreed to
a lock-up for its remaining Phoenix stake of 6.6% of 90 days
following closing, subject to waiver, as is customary. The sale
is expected to close on Friday.
($1 = 0.7178 pounds)
(Reporting by John Miller
Editing by Riham Alkousaa)