Business

Ageas broadens partnership with China Taiping

BLCC Gold Sponsor & member Ageas has announced that it has concluded an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to a capital increase of its wholly controlled subsidiary Taiping Reinsurance Co. Ltd. (TPRe) for a total consideration of HKD 3,100 million (around €340 million). With this transaction, Ageas reinforces its strong long-term strategic partnership with China Taiping.

The participation in TPRe, one of the top Asian reinsurance companies with a strong track record & promising growth potential, allows Ageas to expand in the fast-growing Asian reinsurance market from leading positions in Hong Kong and China. Moreover, the subscription to the capital increase, which is a further step in a long history of cooperation between Ageas and CTIH, will increase the share of Non-Life activities in the Group’s business portfolio.

The transaction is subject to regulatory approval & is expected to be closed in the last quarter of 2020. Nonetheless, the BLCC is happy to already congratulation the team at Ageas with this exciting development!

The full press release is found here (click).