China Minsheng Investment’s Singapore-based investment arm CM International Holding has signed an agreement with White Mountains Insurance Group to acquire Sirius International Insurance Group, for around $2.2bn.
Sirius provides property and casualty reinsurance and insurance services through its affiliates, including Sirius International Insurance, Sirius America Insurance, Lloyd’s Syndicate 1945 and Sirius Bermuda Insurance.
The company also offers exit solutions for run-off companies and their portfolios through its subsidiary, White Mountains Solutions.
White Mountains Insurance Group chairman and CEO Raymond Barrette said: "Sirius is a high quality reinsurer with a strong franchise and a great track record.
"The acquisition by CMI recognizes this value and opens doors for Sirius to new opportunities in Asia, especially China."
Based in Stockholm, Sirius International provides reinsurance services, comprising property including agriculture, accident and health, credit and bond, aerospace and marine and energy.
It also provides insurance services, including accident and health and travel insurance, aviation, contingency, marine and energy and property.
Subject to regulatory approval and other customary closing conditions, the deal is expected to complete within six months.
Image: Sirius offers property and casualty reinsurance and insurance services. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.