FOSUN REPORTEDLY SEEKS MINORITY INVESTOR FOR PEAK RE

Chinese conglomerate Fosun International is seeking investors for a minority stake in its reinsurance business Peak Re ahead of a possible initial public offering, according to reports. Bloomberg said the sale of a stake in the Hong Kong-based reinsurer could raise around $300m, according to sources close the company. But the report said the fundraising amount had not been finalised and the plans could change. Shanghai-based Fosun, which owns an 85% stake in Peak Re, has been selling assets to improve its credit profile. The World Bank’s private investment arm, International Finance Corp, owns the remaining share in the reinsurer. The conglomerate is in the process of selling its specialty insurer Ironshore to Liberty Mutual for around $3bn. The sale is due to complete in the first half of this year.