Menu

Reinsurance News

China Taiping considers selling 25% stake in reinsurance subsidiary

17th June 2020 - Author: Luke Gallin

China Taiping Insurance Holdings Company Limited has announced that it’s considering the sale of around 25% of its interest in its reinsurance subsidiary, Taiping Reinsurance Company Limited (TPRe), to external investors.

China TaipingThe Board of China Taiping has revealed that the company is considering a potential issuance of shares of TPRe, its indirect wholly-owned reinsurance subsidiary, to external investor(s).

According to an announcement by the company, should this materialise, it would result in a sale of approximately 25% of the interest of China Taiping in the reinsurer after such issuance.

The targeted amount of gross proceeds to be raised from the Potential Sale is roughly HK$3,100,000,000 (USD 400 million).

“Such targeted amount of gross proceeds is subject to the final bid price to be offered by the successful bidder and the consideration shall be payable in accordance with the terms and conditions of the definitive agreement(s) between the parties,” says China Taiping.

The company’s Board emphasises that currently, no binding agreement with respect to the Potential Sale has been entered into by the company, while there is no guarantee that any definitive transaction will take place.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
IRB Brasil Re again delays Q1 results, as court dispute intensifies

Brazilian reinsurer IRB Brasil Re has again pushed back the release of its Q1 results, amid reports that the company...

Close