Ageas has agreed to invest in Taiping Reinsurance Co. (TPRe), receiving 25% of the reinsurer’s enlarged shares for a total cash consideration of HK$3.1 billion (US$400 million).
According to a statement by Ageas, the transaction reinforces its strong long-term strategic partnership with China Taiping Insurance Holdings, TPRe’s parent firm. Furthermore, it allows Ageas to expand in the fast-growing Asian reinsurance market, particularly in Hong Kong and mainland China, and increase the share of non-life activities in its business portfolio.
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