A unit of China Minsheng Investment Corp., Ltd., a private investment fund backed by dozens of high profile Chinese entrepreneurs, has agreed to acquire Sirius International Insurance Group, Ltd. for approximately US$2.592 billion, according to a company announcement.
China Minsheng Investment's international investment subsidiary, Singapore-based CM International Holding Pte. Ltd., is conducting the deal through its Bermuda holding company, CM Bermuda Ltd.
Based in Shanghai, China Minsheng Investment has total assets of US$13.2 billion.
“We are delighted to have finalized the purchase of Sirius…is a cornerstone investment in our financial services endeavors," says Kevin Eunhyung Lee, executive vice chairman of China Minsheng Investment.
"As its parent companies, CMI and CMIH will endeavor to help Sirius expand into the Asian market and further build up its strength," Lee adds.
Founded in 1948, Sirius International Insurance provides property and casualty reinsurance and insurance with operations in North America, Europe and Asia.
China Minsheng Investment was established in Shanghai in 2014 by 59 Chinese enterprises and endorsed by China's State Council.
It currently has presence in Hong Kong, Singapore, and London, with plans to expand further globally in the future, says its website.
In September 2015, China Minsheng Investment said it was planning to invest US$5 billion to build an industrial park in Indonesia.
In July 2015, it agreed to acquire Hanover, New Hampshire-headquartered White Mountains Insurance Group's subsidiary, Sirius International Insurance Group, for approximately US$2.2 billion.