China takes full ownership of Anbang
The Chinese government has taken full ownership of troubled Anbang Insurance Group, according to a Wall Street Journal report citing a June 22 statement by the regulator.
According to the statement, the China Banking and Insurance Regulatory Commission has approved the transfer of 98.23 percent of Anbang to China Insurance Security Fund.
The fund had already injected ¥60.804 billion ($9.65 billion) of capital into the company while seeking new investors for the group.
In February 2018, the Chinese government seized control of Anbang in an attempt to curtail big-spending conglomerates as it cracks down on financial risk.
Anbang had violated laws and regulations which “may seriously endanger the solvency of the company”, the China Insurance Regulatory Commission (CIRC) had said in a statement announcing the seizure.
In May 2018, Wu Xiaohui, the former chairman of Anbang Insurance Group, has appealed his conviction for fraud and embezzlement.
Wu has been found guilty of fraud and embezzlement and sentenced to 18 years in prison earlier in May. The Shanghai No.1 Intermediate People’s Court saw Wu guilty of issuing false disclosures to regulators and diverting insurance premiums for his personal use. The court also confiscated 10.5 billion yuan ($1.65 billion) in assets.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Patria Re poaches reinsurance head from Guy Carpenter
Financial and professional lines dominate Lloyd's electronic placement
Crosswinds, Crosswinds Re to be dissolved
XL Innovate leads $17m financing for AI-driven Cape Analytics
Singapore Reinsurers Association unveils executive committee line-up
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze