2015/08/20

CMIG International Acquires Sirius International Insurance and Helps it Entering Asia Market

 

From left, Mr. Shi Yuzhu, Vice Chairman of Board of Directors, CMIG; Mr. Allan Waters, President and CEO of Sirius Group; Mr. Dong Wenbiao, Chairman of Board of Directors, CMIG; Mr. Teo Eng Cheong, CEO of International Enterprise Singapore; Mr. Xie Jiren, Executive Vice Chairman of CP Group

[14th, August, 2015 Singapore] Today, CMIG International Holding Pte. Ltd. (“CMIG International”), a subsidiary for overseas investment of China’s leading private investment corporation – China Minsheng Investment Corp., Ltd. (hereinafter referred to as “CMIG”), formally held an acquisition agreement exchange ceremony in Singapore with Sirius International Insurance Group and acquired Sirius’ whole equity. It marks CMIG’s formally enter into global insurance investment field. Taking advantages of Singapore’s international financial center, it creates beneficial conditions for Sirius Insurance to access to Asia and China markets.

 

With the support of CMIG, Sirius will expand Asian and Chinese market. 

 

CMIG International is an overseas strategic investment institution about “Going Out” and “Bringing In” of Chinese private capitals, and also a trans-boundary investment institution based on Asia and facing global, devoting to achieving localization of global resources and internationalization of local resources. Registering in Singapore, CMIG International is determined to become one of the best trans-boundary investment institutions of China with international vision, forward-looking industry insights and professional management.

 

Chairman of CMIG Board Mr. Dong Wenbiao said, “Sirius is a global reinsurance company with excellent investment rating. Its global client base is stable, and managing style is very steady. We believe that Sirius has huge potential and value in management, talent, technology and products in the field of global insurance. CMIG and CMIG International will also fully help Sirius Insurance to expand Asia and China market faster and better.”

 

CEO of Sirius Mr. Allan Waters said that after 70-year growth, Sirius has shown excellent performance in Europe and America insurance markets. It is very glad to join CMIG`s big family. In the future, Sirius will rely on CMIG’s abundant industrial and financial resources in Asia especially in China to achieve business break in vigorous Asia insurance markets. Based on Singapore, Sirius will serve more high-quality clients in Asia-Pacific region.

 

Mr. Teo Eng Cheong, CEO of IE Singapore attended the signing ceremony and said that as the financial center in Asia, Singapore has advantages in aspects of geographic location, free environment of financial market and related services. It has been a mature market with aggregation of insurance and reinsurance companies. Invested by CMIG International, Sirius’ Asian sub-branch now locates in Singapore. With the support of CMIG’s strength and resources, he looks forward that Sirius could develop Asia and China market further and contribute to making Singapore an Asia reinsurance center.

 

 

 

Background Materials

 

About CMIG

China Minsheng Investment Corp., Ltd. (“CMIG”) is a large private investment company launched by 59 well-known private enterprises from throughout China. With a registered capital of 50 billion RMB, CMIG encompasses two features of industrial integration and all financial license, leading Chinese private capital investment and promoting industrial and economic transformation and upgrading. Established in Shanghai in 2014, CMIG’s business includes equity investment and management, business and financial consulting, real estate investment, wealth management and investment consulting. International expansion has always been CMIG’s important business developing direction. Now CMIG has set sub-branches in Hong Kong and Singapore, and established global expert consulting committee.

 

About CMIG International

China Minsheng International Holding Pte. Ltd. (“CMIG International”), a wholly owned subsidiary of CMIG focusing on overseas investment, was registered in Singapore. Its establishment has met the historic opportunity of China’s overseas collaboration with the mission and aim of becoming the tool of cultivating world top 500. Based on international vision, strong ability of resources integration, forward-looking industrial thought and professional management, CMIG International is determined to become China’s best trans-boundary investment institution.

 

About Sirius

Sirius International Insurance Group Ltd. is a global reinsurance corporation established in Bermuda in 1945 with 70-year history, and now has 12 sub-branches in Toronto, New York, Bermuda, London, Stockholm, Copenhagen, Hamburg, Singapore, etc., providing reinsurance and property insurance services for over 1,700 clients in 145 countries with outstanding performance in the USA and Europe. Its main business covers reinsurance and insurance services of property (including property hazard insurance), accident and health, aviation and aerospace, trade and credit, sea, agriculture, etc. Sirius owns a management team with abundant experience and familiar business: the CEO has been serving for over 30 years, and most other managers have about 30-year industry experience. Its brand is highly recognized by the market, and gets high ratings in global main rating companies.