Fosun acquires majority of ILS player Tenax Capital

July 3 2019 by InsuranceAsia News Staff

Fosun International has acquired a majority stake in London-headquartered Tenax Capital, a player in the ILS space, for an undisclosed sum.

Fosun, also a majority owner of Hong Kong-headquartered Peak Re, said that Tenax will become one of its most important European asset management platforms, offering investors in the region and globally with access to new and innovative investment solutions, as well as access to China’s fast-growing financial markets.

Tenaz is regulated as an Alternative Investment Fund Manager (“AIFM”) and has experience across pan-European investment capabilities, with actively managed strategies ranging from long and long/short financial equities, SME private debt and insurance linked securities (ILS).

Tenax is largely focused on managing assets for European institutional investors and has around €1 billion (US$1.13 billion) of assets under management.

Jun Li, chief executive of Fosun Asset Management and co-president of Fosun Insurance Group, commented: “The capable investment team, regulated business licenses and distribution channel of Tenax complement Fosun’s global asset management business. We believe, along with our other asset management companies, Tenax will provide even better investment solutions to Fosun’s insurance subsidiaries, portfolio companies, business partners and third-party investors.”

Massimo Figna, founder and chief executive of Tenax, said, “Tenax’s success, built on its result driven culture and innovative investment solutions, will grow from strength to strength being part of Fosun’s ecosystems, generating significant synergies. This partnership will allow Tenax to fulfill its goal to offer its investment solutions at a global scale.”

The transaction still requires regulatory approval and is expected to be completed in the second half of the year.

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