AGEAS ENTERS ASIAN REINSURANCE MARKET WITH STAKE IN TAIPING RE

Brussels-based insurer Ageas has taken a stake in Taiping Re. Ageas has reached an agreement with the reinsurer’s parent China Taiping Insurance Holdings to acquire 25% of the share capital in Taiping Reinsurance Co for a total consideration of €340m. The deal reinforces Ageas’ long-term strategic partnership with China Taiping and allows the insurer to expand in the ‘fast-growing’ Asian reinsurance market, Ageas said. It will also increase the share of non-life business in the group’s portfolio. Bart De Smet, chief executive officer of Ageas said: “This transaction offers Ageas a unique opportunity to enter the Asian reinsurance market and to benefit from its strong potential”.