A once-highflying Chinese language conglomerate has earmarked on the market its controlling stake in Nasdaq-listed
in keeping with individuals acquainted with the matter, as stress mounts from shareholders and collectors for an answer to its debt disaster.
A sale of the worldwide property-and-casualty insurer that China Minsheng Funding Group purchased in 2016 for $2.6 billion would dismantle a key piece of an abroad empire that the privately held Chinese language conglomerate tried to construct earlier than operating into monetary difficulties this yr.
The Bermuda-based insurer, which is also referred to as Sirius Group, has operations within the U.S., Europe and Asia. It sells storm and different disaster protection in addition to accident and well being plans for vacationers, and have become a publicly listed firm in November 2018 after combining with one other agency. The insurer collected $1.46 billion in premiums and different income final yr, however posted underwriting losses final yr and within the second quarter of this yr, partly due to harm brought on by Hurricane Jebi, a serious storm that hit Japan final yr. The corporate reported internet earnings of $102 million within the first half.
Minsheng owns about 96% of Sirius Group’s excellent widespread shares and 86% of its voting rights. Funds managed by Bain Capital,
and Centerbridge Companions have additionally invested within the insurer. Minsheng’s stake in…