Chinese conglomerate eyes Middle East expansion
Chinese investment firm Fosun International is in talks to buy RSA Insurance Group’s Middle East arm, according to Bloomberg.
Sources close to the deal said that the sale could be less than $200m.
RSA has Middle Eastern operations in Saudi Arabia, the United Arab Emirates, Oman and Bahrain.
RSA was approached by Zurich Group to take over its entire operation, but the deal fell through due to uncertainty about Zurich’s future results.
Fosun showed its interest in Middle East insurance this June when it bought a $476m stake in Israeli insurer Phoenix Holdings.
Fosun is owned by Chinese billionaire Guo Guangchang.