ACR Capital Holdings Pte. Ltd., the parent company to Asia Capital Re, said today that it has called off its sale to Chinese investors Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd. has been called off.
ACR said that its existing investors “remain committed to firmly supporting the sustainable and profitable growth of ACR’s business.”
The reinsurer said that its strategy of pursuing profitable growth at the same time as de-risking and rebalancing its portfolio, and strengthening its business franchise and brand, continue as planned, resulting in significant improvement in the firms underwriting and financial performance.
Bobby A. Heerasing, Group Chief Executive of ACR, commented, “Our long-term strategic vision, growth ambitions and business priorities for ACR remain unchanged. We remain fully committed to ensuring service consistency and continuity for our clients, and look forward to delivering top-quality risk solutions and services that clients have come to expect from ACR at the upcoming 1 January renewals. The business has been performing well over the last 12 months and ACR’s management and employees are fully on board and focused on executing on our strategy to continue delivering results.
“We celebrated our 10-year anniversary in 2016. During the past decade, we have established our unique brand and provided our clients across Asia with bespoke Asian risk solutions and services. Our major shareholders have supported ACR throughout this journey, and will continue to share ACR’s dedication to being responsive to client needs, employing sound risk management practices and maintaining strong levels of capitalization, which we believe will be essential to ACR’s continuing success.”
It’s been reported that the Chinese government linked investor consortium had been unable to close the deal quickly enough for ACR’s liking and so the Singapore based reinsurer has pulled back so it can focus on servicing its clients and providing certainty at the renewals.
