Ageas: takes stake in Taiping Reinsurance
(CercleFinance.com) - The Belgian insurance company Ageas has announced that it has signed an agreement with China Taiping Insurance Holdings to subscribe to a capital increase of its fully owned subsidiary Taiping Reinsurance for a total counterparty of around 340 million euros, thereby taking a 25% stake in the increased capital.
This stake will enable the Belgian company to increase its presence on the growing Asian reinsurance market, via market positions in Hong Kong and China. It will also increase the share of non-life activities in its portfolio.
This transaction, which replaces this year's share repurchase program, which has been deferred, on recommendation by the National Bank of Belgium, is subject to approval by the regulatory authority and is expected to be finalised in Q4 2020.
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