Ageas completes the acquisition of a 25%* stake in Taiping Reinsurance Company Limited
Ageas completes the acquisition of a 25%* stake in Taiping Reinsurance Company Limited
On 27 August 2020, Ageas announced an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to a capital increase of its wholly controlled subsidiary Taiping Reinsurance Company Limited (TPRe). Today Ageas announces all conditions precedent have been satisfied and the transaction has been completed.
The transaction will have an impact of EUR 336 million on Ageas’s net cash position. The Group Solvency IIageas will decrease by approximately 7%.
TPRe’s business activities include Life and Non-Life reinsurance across the world. Headquartered in Hong Kong, TPRe has subsidiaries in Beijing and London, a branch in Labuan, Malaysia, as well as representative offices in Japan and Macau.
* 24.99%