The parent company of pan-Asian reinsurer Asia Capital Re, has revealed that its planned acquisition by two mainland Chinese firms, Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd, will not push through.
ACR Capital Holdings Pte Ltd said in a press statement that its existing major shareholders “remain committed to firmly supporting the sustainable and profitable growth of ACR’s business.”
However, the Singapore-headquartered firm did not divulge the reasons behind the cancellation of the deal.
According to ACR, it worked to successfully implement its original strategy in pursuing profitable growth opportunities, as well as de-risking and rebalancing its portfolio, and further strengthening its brand.
“Our long-term strategic vision, growth ambitions and business priorities for ACR remain unchanged,” said Bobby Heerasing, group chief executive officer of ACR. “We remain fully committed to ensuring service consistency and continuity for our clients, and look forward to delivering top-quality risk solutions and services that clients have come to expect from ACR at the upcoming January 01 renewals. The business has been performing well over the last 12 months and ACR’s management and employees are fully on board and focused on executing on our strategy to continue delivering results.”
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