Ageas buys significant stake in Taiping Reinsurance

Belgian insurer Ageas has acquired a 25% stake in Taiping Reinsurance as it seeks to expand into Asia and grow its non-life business.

Ageas will pay £302m for its share of the TPRe, which is a subsidiary of China Taiping Insurance Holdings. The reinsurer’s gross written premiums hit £1.5bn in 2019. Between 2013 and 2019 its property and casualty combined ratio averaged 95.2%.

Bart De Smet, CEO of Ageas, said: “This transaction offers Ageas a unique opportunity to enter the Asian reinsurance market and to benefit from its strong potential. We are pleased to do so together with our long-standing partner China Taiping as this further strengthens our very successful partnership. For Taiping Re the capital increase will allow it to achieve its wider growth plans.”

Wang Sidong, CEO of CTIH added: “We have a long-term strategic partnership with Ageas. This transaction further reinforces the collaboration between Taiping and Ageas, and we believe such collaboration will create synergies and support our ambition to grow our global reinsurance business especially in the European markets.”

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