Singapore-based reinsurer ACR is looking for a new buyer, with a reported $800m price tag

The two sovereign wealth funds that own the biggest chunks of ACR Capital Holdings are reportedly considering another attempt to sell the reinsurance company. 

ACR

The report comes less than a year after a previous deal with Chinese buyers fell through.

ACR is the holding company for Singapore-based reinsurer Asia Capital Re.

Any deal to buy ACR could be valued at around $800m, according to the Bloomberg report.

ACR’s two major investors are Singaporean sovereign wealth fund Temasek and its Malaysian government-owned counterpart Khazanah Nasional.

The two sovereign wealth funds have urged banks to pitch to buy the reinsurer, according to the Bloomberg report.

Other ACR investors include Japanese investment conglomerate Marubeni and London-based investment firm 3i Group.

It is not the first time a prospective deal to buy ACR has come to light.

In October 2016, ACR announced its owners had reached an agreement to be acquired by Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings.

One year later, ACR said that the deal with the two Chinese state-backed buyers had fallen through.

The report published by Bloomberg said a sale process for ACR could begin early next year, if prospective new buyers decide to proceed with a deal.

As well as functioning as the holding company for Asia Capital Re, ACR also holds a majority stake in Hong Kong’s Concord Insurance company.

Asia Capital Re claims to be Asia Pacific’s first independent reinsurer, serving insurance cedants across the region in property, aviation, credit, engineering and agriculture lines of underwriting.

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