Tan Yifan

    cicitan2011@gmail.com

    SHENZHEN Qianhai Financial Holdings Co. (QFH) and Shenzhen Investment Holdings Corporation (SIHC) have agreed to buy Singapore’s ACR Capital Holdings Pte Ltd., which owns the biggest reinsurance firm in Singapore, according to an announcement made by QFH on Oct. 5.

    According to the acquirers, they believed the acquisition will help connect various financial branches along the “Belt and Road” nations, redistribute global insurance capital and resources, and offer new insurance products and services, so as to enhance Qianhai’s position on the “maritime silk road.”

    Li Qiang, QFH chairman, said the company will provide services to Chinese companies by taking advantage of ACR’s professional experience and ability to manage risk control to make Qianhai a national reinsurance center.

    “We look forward to utilizing ACR’s leading pan-Asian platform and professional underwriting capacity to promote other domestic and overseas reinsurance business,” he said.

    Hans-Peter Gerhardt, chief executive of ACR, said China is ACR’s biggest market and through this cooperation ACR will have the chance to grow larger and provide more products and services to both Chinese and overseas customers.

    Aon Securities, Inc. will be the sole financial consultant and law firm Clyde & Co. will provide consultation to QFH and SIHC.

    ACR was established in 2006. ACR’s major shareholders include 3i Group Plc., Malaysian state investor Khazanah Nasional Bhd., Singapore state investor Temasek Holdings and Japanese trading house Marubeni Corp.