(Reuters) - Hong Kong-listed Fosun International Ltd is in talks to buy a Swiss Re AG’s U.S. life insurance arm in a possible $400 million to $500 million deal, Bloomberg reported on Monday, citing people familiar with the matter.
However, a deal to buy the company, Aurora National Life Assurance Co, had not yet been reached and could still fall through, the news agency said, citing sources. (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 interest in Aurora, Bloomberg said, citing one person.
Swiss Re, the world’s second largest reinsurer, hired Barclays last year to sell Aurora, a life insurance and annuity provider based in Hartford, Connecticut, Bloomberg reported citing sources.
Representatives of Swiss Re, Fosun International and Wilton Re could not immediately be reached outside regular working hours.
Reporting by Karen Rebelo in Bangalore; Editing by Cynthia Osterman