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26 July 2018Insurance

China’s Fosun weighs €9bn Ageas takeover

China’s Fosun International is considering an offer for all or parts of Belgian insurer Ageas, according to a Bloomberg News report citing “people familiar with the matter”.

Fosun is talking to advisers about alternatives including teaming up with a partner to split the Brussels-based company or increasing its current stake, the people reportedly said.

Brussels-based Ageas has a market value of around €8.9 billion.

Fosun bought control of Portugal-based Caixa Geral de Depositos’ insurance business in a roughly €1.6 billion deal in 2014. It also acquired US-based Ironshore in 2015 for $2.1 billion and then sold it less than two years later, Bloomberg New noted.

Liberty Mutual agreed to acquire Ironshore in December 2016 for around $3 billion.

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More on this story

Insurance
19 February 2019   Insurance group Ageas has hired a new chief financial officer (CFO) for its UK business from Aspen Insurance Group.
Insurance
2 July 2018   Insurance group Ageas has received the approval of the National Bank of Belgium (NBB) to organise and operate reinsurance activities.
Insurance
5 December 2016   Liberty Mutual has agreed to acquire Ironshore – just over a year after Fosun International, China’s biggest conglomerate, acquired the remaining 80 percent stake in the Bermuda-based property/casualty insurer.