Fosun Worldwide has initiated a proper sale course of for Peak Re, a Hong Kong-based firm, reported Bloomberg, citing sources.
The Chinese language conglomerate has employed BNP Paribas to help it within the sale course of.
Based on sources, Fosun is eyeing a valuation of round $1bn for its majority stake in Peak Re.
Advertising supplies have been despatched to potential bidders, which embody personal fairness firms and monetary providers firms in Asia.
The sale concerns are nonetheless within the early levels and no definitive choices have been made.
Fosun might but select to not proceed with the sale.
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Neither the corporate’s representatives nor BNP Paribas commented on the matter.
In 2022, Fosun had been exploring varied choices, together with the sale of Peak Re, as a part of its technique to cut back debt.
Peak Re, established in 2012, gives insurance coverage providers in areas corresponding to property and casualty (P&C), and life and well being.
It serves greater than 580 purchasers throughout 60 markets, spanning Asia-Pacific, Europe, the Center East, Africa and the Americas.
Prudential Monetary, primarily based within the US, holds round a 13% stake within the reinsurer, whereas Fosun owns the remaining shares.
Moreover, Fosun is contemplating the sale of its minority stake in Belgian insurer Ageas.
This potential divestment may contain a partial or full sale of Fosun’s 10% holding, which is valued at round $792m.
Ageas, with its headquarters in Brussels, manages insurance coverage operations that have been a part of Fortis, a monetary providers firm that was bailed out in the course of the 2008 monetary disaster.
The insurer gives a wide range of providers, together with P&C and life insurance coverage, and operates in a number of nations together with Belgium, China, France, Malaysia, Portugal, Thailand and the UK.
