Fosun International in talks to buy Swiss Re's U.S. life unit : Bloomberg

Tue Aug 19, 2014 7:32am EDT

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(Reuters) - Hong Kong-listed conglomerate Fosun International Ltd (0656.HK) is in talks to buy a Swiss Re AG's (SRENH.VX) U.S. life insurance arm in a possible deal worth $400 million to $500 million, Bloomberg reported on Monday, citing people familiar with the matter.

However, an agreement to buy the company, Aurora National Life Assurance Co, had not yet been reached and could still fall through, Bloomberg said. (bloom.bg/1ldMBlS)

Fosun International is the parent company of Fosun Group, backed by Chinese billionaire Guo Guangchang.

Bermuda-based reinsurer Wilton Re Holdings Ltd, backed by Canada Pension Plan Investment Board, had also expressed an interest in Aurora, Bloomberg said, citing one person.

Swiss Re, the world's second largest reinsurer, hired Barclays last year to sell Aurora, it said.

A spokeswoman for Swiss Re declined to comment on the report on Tuesday, but pointed to a statement the reinsurer made in 2012, in which it said it was considering all options for Aurora, part of the portfolio it retained from its U.S. Admin Re business, including the option of a sale.

Representatives for Fosun International and Wilton Re could not immediately be reached for comment.

(Reporting by Karen Rebelo in Bangalore, additional reporting by Alice Baghdjian in Zurich; Editing by Cynthia Osterman and Greg Mahlich)

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