3i signs implementation agreement for the sale of ACR
3i Group plc (“3i”) today announces that it has signed an implementation agreement for the sale of its investment in ACR Capital Holdings Pte. Ltd.
3i Group plc (“3i”) today announces that it has signed an implementation agreement for the sale of its investment in ACR Capital Holdings Pte. Ltd (“ACR” or “the Company”) to Asia Investment Capital Holdings Co. Ltd (“AICH”), a company jointly controlled by Shenzhen Qianhai Financial Holdings Co. Ltd (“QFH”) and Shenzhen Investment Holdings Co. Ltd (“SIHC”), two Shenzhen-government sponsored investment companies.
The transaction is subject to the receipt of required regulatory and other approvals as well as the satisfaction of a number of closing conditions. Subject to these approvals and to meeting these conditions, proceeds to 3i will be approximately £1821 m, which represents a 42% increase against a valuation of £128m at 30 June 2016. The transaction is expected to complete by early 2017.
ACR was established in November 2006 and is Asia’s first reinsurance company with a focus on providing risk solutions to the pan-Asian region with particular specialties for large and complex risks across non-life business lines. Headquartered in Singapore, it has a regional presence in Hong Kong, Dubai, Taiwan, Japan, Korea, Vietnam and India.
John Thomson, Partner, 3i Private Equity, said: “It has been a pleasure to support ACR on its international growth path over the past decade, and we are confident that the Company has an exciting future ahead. The region’s reinsurance markets are developing strongly, positioning ACR for substantial future growth.”
Group Chief Executive of ACR, Mr Hans-Peter Gerhardt, added: “We are grateful to our Board of Directors and major shareholders including 3i for their backing and support which has helped build ACR into a leading and unique pan-Asian reinsurer. 3i’s international expertise and network have been important factors in our successful expansion into new markets. We look forward to the next chapter in our development.”
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For further information, contact:
3i Group plc
Tel: +44 20 7975 3021
Tel: +44 20 7975 3027
Note 1 : The GBP equivalent has been calculated at a currency exchange rate of $1.2737:£1
Notes to editors:
ACR Capital Holdings Pte. Ltd. (“ACR”) was established in November 2006 to serve the risk solutions needs of the pan-Asian region. ACR’s group of companies includes wholly-owned subsidiaries Asia Capital Reinsurance Group Pte. Ltd. (“Asia Capital Re”) and Asia Risk-Tech Enterprises Management Consulting (Shanghai) Company Limited (“Asia Risk-Tech”). Asia Capital Re is Asia’s first reinsurance company with a focus on providing risk solutions to the pan-Asian region with particular specialties for large and complex risks across non-life business lines. Headquartered in Singapore, it has a regional presence in Hong Kong, Dubai, Taiwan, Japan, Korea, Vietnam and India. Asia Risk-Tech, in Shanghai, China, serves the Greater China region with risk consulting, risk engineering and other services. ACR also has two associated companies – Asia Capital Reinsurance Malaysia Sdn Bhd and ACR ReTakaful Holdings Limited. For more information on ACR and its associated companies, please visit www.acrcapitalholdings.com
About 3i Group
3i is an investment company with three complementary businesses, Private Equity, Infrastructure and Debt Management, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com
About Shenzhen Qianhai Financial Holdings (QFH)
QFH is a financial holding company and investment platform wholly-owned by Qianhai Authority, the administrative government body of the Qianhai Free Trade Zone. The sole financial holding platform of Qianhai Authority, QFH has partnered with well-established investors in a number of other high profile transactions, such as HSBC and Hang Seng Bank, to launch financial service providers, asset managers and private equity funds in the Qianhai Free Trade Zone. QFH is also a 20% shareholder and lead promoter of the recently-established Qianhai Reinsurance Company (“Qianhai Re”).
About Shenzhen Investment Holdings (SIHC)
SIHC is a state-owned capital investment corporation holding company wholly owned by the State-owned Assets Supervision and Administration Commission, or SASAC, of the People’s Government of Shenzhen Municipality. Its primary business is in finance, science park property development and strategic emerging industries. It is the largest A-shareholder in a number of leading financial institutions, including Ping An Insurance (Group) Company of China, China’s second-largest life and P&C insurer.
Both QFH and SIHC have significant investment in the financial sector and are looking to further increase their exposure to the insurance and reinsurance sectors. As at 31 December 2015, QFH and SIHC’s assets stood at approximately US$1.3 billion and US$65.2 billion respectively.