On 27 August 2020, China Taiping signed a Subscription Agreement with ageas SA/NV on bringing in strategic investor for Taiping Reinsurance Company Limited (“TPRe”). All the conditions precedent set out in the Subscription Agreement have been satisfied, and the transaction was completed on 27 November 2020.
Following the closing of transaction, China Taiping Insurance Holdings Company Limited (“CTIH”) and Ageas Insurance International NV (“Ageas”) now hold approximately 75% and 25% of the enlarged issued share capital of TPRe respectively. TPRe remains to be an indirect non-wholly owned subsidiary of CTIH.
ageas SA/NV, a listed international insurance Group with nearly 200 years of expertise and experience that offers life and non-life products to customers in Europe and Asia, is also a long-term strategic partner of China Taiping. The transaction would strengthen TPRe’s capital base to support its future growth, further enhance the company’s global presence and facilitate its high-quality development through collaboration with Ageas in European and Asian reinsurance markets.