October 5, 2016 / 9:51 AM / a year ago

Shenzhen Qianhai agrees to acquire ACR for about $1 billion

HONG KONG (Reuters) - Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings Corporation(SIHC) have agreed to buy ACR Capital Holdings Pte Ltd, the owner of Singapore’s biggest reinsurance firm, ACR said in a statement on Wednesday.

The two Chinese state-owned companies were among a number of suitors, including Chinese conglomerate Fosun International (0656.HK), bidding for ACR Capital, the holding company of Asia Capital Reinsurance Group. The group has operations in China, Japan and the Middle East.

    The deal is the latest in a string by deep-pocketed Chinese investors hunting for foreign insurance companies outside their home market.

    Reuters previously reported that the ACR deal was valued at around $1 billion.

    Reporting by Julie Zhu; Editing by Clarence Fernandez

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