China’s Revamp of Anbang Insurance Includes Moving Business to New Company
Insurancejournal | May 28, 2019
The Chinese government is taking a major step in its efforts to sell a strategic stake in Anbang Insurance Group Co., the acquisitive insurer it took over last year amid a fraud investigation into its former chairman.Under a plan overseen by the industry regulator, most of Anbang’s businesses will be moved into a newly created company called Dajia Baoxian, people with knowledge of the matter said. Some policies sold by Anbang���s property insurance unit won’t be transferred to the new entity, the people said, asking not to be identified discussing sensitive information.