ReAssure float pulled

SWISS Re has postponed the flotation of its UK life insurance business, ReAssure, which was set to be one of London’s biggest listings this year with a valuation of up to £3.3billion.

Plans for an initial public offering, due to start yesterday, were pulled due to “heightened caution and weaker demand” from institutional investors.

Swiss Re said: “We firmly believe the long-term interests of ReAssure are best served by a more diversified shareholder base.”