Chinese insurers’ global buying spree hits US$6.1bnSeptember 24 2015 by InsuranceAsia News Staff
Chinese insurers are set to continue their global expansion as China sees growing interest in outbound M&A.
So far this year, some of China’s major insurers, including Anbang Insurance, Fosun Group and China Minsheng, have announced plans to acquire global insurance assets for a combined $6.1 billion, ratings agency Moody’s said.
Anbang is acquiring VIVAT in the Netherlands for $2.1 billion while Fosun announced that it would buy US-based Ironshore for $1.8 billion.
China Minsheng also announced that it would acquire Swedish reinsurer Sirius International for $2.2 billion.
Moody’s says the M&A trend in China will continue unless there is a significant change in the interest-rate environment.
Moody’s earlier reiterated its “stable outlook” rating for China’s insurance sector, taking into account the likely scenario that the equity market would remain highly volatile for a significant part of the next 12 to 18 months.
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