Swiss Re, Softbank call off talks on potential investment

GENEVA (AP) — Insurance company Swiss Re and Softbank have agreed to end discussions about a potential minority investment by the Japanese technology conglomerate.

Swiss Re didn't give reasons for the move in a brief statement Monday. The companies had announced in February that they were in preliminary discussions.

Zurich-based Swiss Re is one of the world's biggest reinsurers, which provide backup policies to companies that write primary insurance policies.

The company said it will "further explore business ideas between Swiss Re's operative entities and the portfolio companies of Softbank."

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