Fosun revives push to sell off Peak Re

Fosun International (0656) has revived a plan to sell Hong Kong-based Peak Reinsurance after failing in a previous attempt, according to insiders.

BNP Paribas is helping the Chinese conglomerate find a buyer for its majority stake in the business, the people said, asking not to be identified because the matter is private.

Fosun is potentially seeking a valuation of HK$7.8 billion for the company known as Peak Re.

A formal sale process is under way and marketing materials have been sent to prospective bidders, including private equity firms and Asia-based financial services companies.

Considerations are preliminary, no final decisions have been made and Fosun could still decide against a sale, they said.

Representatives for Fosun didn't respond to requests for comment. BNP didn't have an immediate comment.

Fosun had previously considered options including a sale of Peak Re as part of its efforts to pay down debt in 2022.

Founded in 2012, Peak Re focuses on insurance, including property and casualty, and life and health, its website shows.

It has more than 580 clients across 60 markets in Asia Pacific, Europe, the Middle East, Africa and the Americas.

US-based Prudential Financial owns a 13 percent stake in the reinsurer, while Fosun holds the rest, according to Peak Re's latest annual report.

As reported this week, other potential divestments from Fosun include its minority stake in Belgium's largest insurer Ageas.