Friday, March 23, 2018

Anbang-owned Fidea set for relaunch

After China’s Anbang acquired it two years ago, Belgian insurer Fidea is relaunching its life business, this time to focus more on long-term returns.

In preparation for the comeback, a group of 20 Belgian insurance brokers visited Anbang’s headquarters in Beijing this week to learn the Chinese insurer’s international strategy for its partners in Belgium.

Fidea chief executive Edwin Schellens said Fidea’s decision to relaunch its activities in life insurance in 2017 attested to Anbang’s support for it to develop a long-term business strategy.

Anbang acquired Fidea from its former shareholder JC Flowers, a US private equity firm.

Schellens recalled that with Flowers at the helm, operations centered on short-term returns. Although understandable from the point of view of a private equity firm, it nonetheless enraged many brokers that collaborated with Fidea, said Schellens.


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