BLCC Gold Sponsor & member Ageas has announced that it has concluded an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to a capital increase of its wholly controlled subsidiary Taiping Reinsurance Co. Ltd. (TPRe) for a total consideration of HKD 3,100 million (around €340 million). With this transaction, Ageas reinforces its strong long-term strategic partnership with China Taiping.
The participation in TPRe, one of the top Asian reinsurance companies with a strong track record & promising growth potential, allows Ageas to expand in the fast-growing Asian reinsurance market from leading positions in Hong Kong and China. Moreover, the subscription to the capital increase, which is a further step in a long history of cooperation between Ageas and CTIH, will increase the share of Non-Life activities in the Group’s business portfolio.
The transaction is subject to regulatory approval & is expected to be closed in the last quarter of 2020. Nonetheless, the BLCC is happy to already congratulation the team at Ageas with this exciting development!