Definity Financial hits one-month low as Swiss Re to sell entire stake in insurer

Canadian insurer Definity Financial's shares DFY.TO fall as much as 6.5% to C$57.25 - their lowest since early February

Stock last down 4% at C$58.81

Swiss Re SRENH.S is selling ~11.6 million shares of DFY, or a 10% stake, in a block trade at a price of C$56.20 apiece

Post offering, Swiss Re will no longer hold any shares of DFY

Offering expected to raise gross proceeds of about C$655 million ($458 million) for Swiss Re

CIBC Capital Markets and National Bank Financial are the underwriters for the offering

Sale done as part of regular review and rebalancing of investment portfolio - Swiss Re CEO Andreas Berger

As of last close, DFY stock up 4.8% YTD

($1 = 1.4300 Canadian dollars)