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Fosun Said to Revive Sale of Hong Kong’s $1 Billion Peak Re *Centurion Insurance AFS*

Feb 09, 2024 (0) comment , , , , , , , , ,


Fosun International Ltd. has revived a plan to sell Hong Kong-based Peak Reinsurance Co. after failing on a previous attempt, according to people familiar with the matter.

BNP Paribas SA is helping the Chinese conglomerate find a buyer for its majority stake in the business, the people said, asking not to be identified because the matter is private. Fosun is potentially seeking a valuation of about $1 billion for the company known as Peak Re, the people said.

A formal sale process is under way and marketing materials have been sent to prospective bidders, including private equity firms and Asia-based financial services companies, the people said. Considerations are preliminary, no final decisions have been made and Fosun could still decide against a sale, they said.

Representatives for Fosun didn’t respond to requests for comment. BNP didn’t have an immediate comment.

Fosun had previously considered options including a sale of Peak Re as part of its efforts to pay down debt, Bloomberg News reported in 2022. Fosun shares rose 2.6% Thursday to close at HK$4.43 in Hong Kong.

Founded in 2012, Peak Re focuses on insurance including property and casualty, and life and health, its website shows. It has more than 580 clients across 60 markets in Asia Pacific, Europe, the Middle East, Africa and the Americas. US-based Prudential Financial Inc. owns about a 13% stake in the reinsurer, while Fosun holds the rest, according to Peak Re’s latest annual report.

Fosun also is considering the sale of its minority stake in Belgium’s largest insurer, Ageas NV, Bloomberg News reported this week, while the company sold a chunk of Banco Comercial Portugues last month.

Fosun’s potential sale of the Peak Re stake “could indicate there may also be debt-repayment pressure on top of its capital-market debt such as bank loans,” Andrew Chan, an analyst at Bloomberg Intelligence, wrote in a note Thursday. “Fosun has been looking to sell many assets recently, such as Ageas and BCP, which should generate sufficient proceeds to cover its outstanding public debt.”

Photograph: Office buildings in the Central district in Hong Kong, China, on Monday, Nov. 20, 2023. Photo credit: Paul Yeung/Bloomberg

Copyright 2024 Bloomberg.

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