Softbank, the technology conglomerate controlled by Japanese billionaire Masayoshi Son, has failed to acquire a significant stake in reinsurer Swiss Re.
The billionaire had been negotiating to buy a significant stake with the giant reinsurer since the beginning of the year. According to reports, Masayoshi, who led Softbank into the finance business with the purchase of Fortress, a U.S hedge fund last year, had been eyeing new, tech-based sales avenues for Swiss Re’s insurance instead of insurance brokers, through other tech companies it had invested in.
But on Monday, both Swiss Re and Softbank admitted via press releases that the Japanese behemoth would no longer be acquiring the stake as discussions about a potential investment in the reinsurer had come to an end.
Had the deal come through, Swiss Re would have had better access to the thriving Asian market and Softbank’s vast technology platforms.
Masayoshi Son is worth $13.1 billion today according to the Bloomberg Billionaires Index.