Industry News | AXA Insurance completed the acquisition of 100% equity interest in XL China

Ansheng Insurance announced the completion of the acquisition of all equity of Xinli Reinsurance.

Anson Insurance (Bermuda) Co., Ltd. (hereinafter referred to as Anson Insurance) recently announced that it has completed the acquisition of 100% equity of Xinli Reinsurance (China) Co., Ltd. (hereinafter referred to as Xinli Reinsurance China).

According to Ansheng Insurance, after the acquisition is completed, Xinli will continue to be a member of Ansheng Group in China (with a new name to be used after regulatory approval), focusing on developing products for the Chinese market and providing reinsurance solutions using data, pricing strategies, and product expertise.

"This equity transfer enables us to use AXA Group's experience, expertise, infrastructure and network in Greater China to further strengthen our business development in Chinese Mainland, formulate and implement broader strategies, focus on Greater China and serve the local market," said AXA Insurance.

In January of this year, the State Administration for Financial Supervision and Administration approved Ansheng Insurance (Bermuda) Co., Ltd. to acquire 51% equity of Xinli Zai China held by Xinli Reinsurance USA and 49% equity of Xinli Zai China held by Xinli Insurance SE. After the acquisition, Ansheng Insurance (Bermuda) Co., Ltd. held a total of 100% equity of Xinli Zai China.

However, both Xinli Reinsurance USA and Xinli Insurance SE are currently subsidiaries of the French Anson Group, so the ultimate actual controller of Xinli in China remains unchanged.

In June 2020, the former China Banking and Insurance Regulatory Commission approved the renaming of Xinli Insurance (China) Co., Ltd. to Xinli Reinsurance (China) Co., Ltd. The company's business also changed from direct insurance to reinsurance. Xinli has also become the first foreign-funded reinsurance legal entity in China.

Previously, the actual controller of Xinli Insurance (China) Co., Ltd. was Xinli Group, but Xinli Group was later acquired by Ansheng. According to an announcement released by Anson Group on September 12, 2018 local time in France, the acquisition of Xinli Group by Anson Group has been approved by the shareholders of Xinli Group and all relevant regulatory authorities, and the acquisition work has been completed.

Ansheng Insurance stated that in order to lay a solid foundation in the mainland Chinese market, the company will adjust its business development strategy in a timely manner and continue to make firm investments in the Chinese insurance market. In the press release, Ansheng also expressed gratitude to the State Administration for Financial Regulation and the Shanghai Municipal Government for their strong support for this transfer. At the same time, they also thanked the various teams of Ansheng Insurance in Greater China for their unremitting efforts and cooperation, laying a solid foundation for achieving this equity transfer and building a new reinsurance business platform.