Wednesday, September 20, 2017

Chaoyang Life to be put up for tender

After being placed under government receivership late last year, the financially embattled Taiwanese firm Chaoyang Life Insurance will soon be put up for tender by Taiwan’s Financial Supervisory Commission (FSC).

The regulatory watchdog is said to have introduced a series of concessionary measures aimed at enticing bidders and six Taiwanese financial holdings and insurance entities are now reportedly interested in launching a takeover bid.

According to Jenny Lee, Insurance Bureau director-general, Chaoyang Life had repeatedly failed to carry out its proposed financial improvement measures, its negative net worth continued to worsen on an annual basis, and the company was about US$65.23 million in the red as of December 2015.

The FSC is planning to put Chaoyang Life up for tender in late October this year according to a report.

Among the six local financial holdings and insurance companies that have reportedly expressed interest in participating in the bid are Fubon Financial Holdings, SinoPac Holdings, Nan Shan Life Insurance and Mercuries Life Insurance.

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