Fosun

BNP Paribas to acquire Fosun's ~9% stake in Ageas

BNP Paribas has penned an agreement with China’s Fosun Group to acquire its circa 9 percent stake in Belgian insurer Ageas for an estimated €730mn ($780mn).

Reports: Fosun revives $1bn Peak Re sale plans

Fosun International has revived its plan to sell Hong Kong-based reinsurer Peak Re, with BNP Paribas SA advising on the process, according to reports.

Fosun appoints Deutsche Bank as it mulls Peak Re sale: report

Fosun International has appointed Deutsche Bank to advise on a potential sale of its stake in Hong Kong-based reinsurer Peak Re, according to reports.

Fosun-owned Peak Re explores sale following rating downgrade

Peak Re is understood to be weighing up its strategic options following Moody’s revised outlook to negative for both the reinsurance company and its majority shareholder, Fosun International Limited.

Peak Re handed negative outlook by AM Best

Peak Re has had the outlook on its A- financial strength and “a-” long-term issuer credit ratings revised to negative by AM Best, with the rating agency citing the impact of economic headwinds on the carrier’s ultimate parent Fosun International.

Accident Fund emerges as frontrunner for AmeriTrust deal

Accident Fund Group (AF Group) is the frontrunner to buy its Michigan neighbour AmeriTrust – formerly Meadowbrook – from Chinese owner Fosun, The Insurer understands.

Darag confirms takeover of SunPoint from Fosun

Legacy specialist Darag has confirmed the acquisition of Bermuda run-off vehicle SunPoint, a move revealed by this publication in October 2020.

Peak Re sees H1 net profit increase 93% YoY

Peak Re’s net profit for the first half of 2020 almost doubled year on year to $26.1mn, while the reinsurer also enjoyed a “stable” period of premium growth which came about despite the impact of Covid-19.

Peak Re grows Lion Rock sidecar to $77mn

Fosun-owned Peak Re has renewed its sidecar Lion Rock Re II securing $77mn from investors, a slight increase on last year’s pioneering securitisation.

Fosun H1 topline soars as Peak Re profits fall

China’s Fosun booked revenues of 48bn yuan ($6.7bn) in the six months ended 30 June 2019, marking a 57 percent increase year on year – due in part to 16 percent growth in revenue from its reinsurance subsidiary, Peak Reinsurance (Peak Re).

Peak Re top line swells 42% in first half of 2018

Fosun-owned Asian Hong Kong-headquartered reinsurer Peak Re booked $671.2mn in gross written premium in the first six months of 2018, an increase of 42 percent compared to the first half of last year.

Fosun waiting in the wings for Ethniki if Exin bid topples

Chinese conglomerate Fosun is prepared to submit a second bid for Greek insurer Ethniki should Matt Fairfield’s Exin fail to secure financing for its EUR718mn ($885.6mn) bid by a 28 March deadline.

What next for Ethniki?

With an apparent deadline later this week, Re-Insurance.com wonders what the team of impressive US and Greek financiers compiled by Ethniki acquirer Exin will do following the recent revelations of legal action between the firm and some of its backers…