MS&AD Insurance Group increased its stake to 25% in ReAssure for $398m.

Reinsurer Swiss Re has agreed on a deal with Japan’s MS&AD Insurance Group under which MS&AD will invest a further $398m into Swiss Re’s closed-book business ReAssure. The deal will increase MS&AD’s stake in the British closed-book business to 25% from current 15%, Swiss Re said, as the world’s second-largest reinsurer prepare ReAssure for a possible IPO next year.