Zurich Financial Services is aiming to float its reinsurance unit by the end of the year while rival Swiss Re is poised to raise equity to finance a US acquisition.

Zurich Financial is planning an initial public offering of at least 70% of Zurich Re, its third-party reinsurance business, which will be branded Converium. The new company will be listed in Switzerland but Zurich Re has also made a filing with the US Securities and Exchange Commission for a possible listing on the New York Stock Exchange.