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Anbang to acquire PE-backed Fidea

Anbang has agreed to buy Belgian insurer Fidea, a portfolio company of J.C. Flowers & Co. No financial terms were disclosed. The deal is expected to close in the first quarter of 2015.

PRESS RELEASE

Antwerp, October 13, 2014 — J.C. Flowers & Co. LLC has reached an agreement with Anbang Insurance Group Co. Ltd. (“Anbang“), a leading Chinese insurance company, for the sale of Fidea for an undisclosed consideration. With this transaction, Fidea will become part of a well-established group specialized in the insurance sector.

Anbang is one of the comprehensive insurance companies in China. Its areas of businesses include life insurance, pensions, health insurance, property and casualty insurance and asset management, via multiple distribution channels.

Fidea is a solid company in the Belgian insurance market with a renowned brand. It currently offers non-life products to private customers, the self-employed and corporates, through a broad network of independent brokers, and the Crelan and Delta Lloyd Bank agencies. Fidea is also still servicing its existing Life portfolio.
The management team will be maintained, and Fidea will continue to operate under the same brand name.

The closing of the transaction is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2015.

Quote Lan Tang, Anbang Insurance Group:
“We are delighted to announce today that we have entered into an agreement with J.C. Flowers. Through the acquisition of Fidea, we will have an opportunity to serve Belgium clients. In China, our growth has been steady and promising, and we aspire to be a global service provider for our customers. We will provide long-term and comprehensive support to Fidea’s expansion in Belgium and help Fidea improve its market competitiveness, thereby benefiting its employees, customers, and all relevant stakeholders. This is a vivid demonstration of Anbang’s culture in treating customers as family, realizing a win-win situation for all constituents. “

Quote Christopher Flowers, Managing Director & CEO, J.C. Flowers:
“We have greatly enjoyed our association with Fidea. Fidea has an outstanding insurance franchise and highly professional, competent management. We are convinced that Fidea and its customers and brokers are in good hands with Anbang.“

Quote Edwin Schellens, CEO, Fidea:
“We are grateful to J.C. Flowers for all of its stewardship in supporting us to become a strong, independent insurance company in the Belgian insurance market and look forward to our next phase of growth with Anbang as our future shareholder. With Anbang, Fidea will be part of a strong insurance group that is searching for sustainable investments outside their homeland. We are very pleased that they have chosen Belgium as the first European country for their expansion, and of course, the choice of Fidea in particular. With their inspiring support, Fidea can continue reinforcing its independence, growth and innovation, without losing focus – the ambition, which is more than ever. Fidea is a well-known brand and claims its position in the Belgian insurance market by guaranteeing insurance products and concepts of high standard, together with the professional service fully assured by every employee. These are all assets and opportunities for our specialized distribution network, customers and bank insurance partners.”

About Anbang:
Anbang Insurance Group Co. Ltd. is a leading insurance company based in Beijing, China with more than 30,000 employees and over 90 billion euro in assets. It provides a comprehensive range of financial and insurance services and products to more than 20 million customers, including life insurance, pensions, health insurance, property and casualty insurance and asset management. Since its founding in 2004, Anbang has delivered excellent results to its clients and the most advanced technology to enhance the customer experience. As a Chinese insurance company with an international vision, Anbang has established a strategy to offer complete, globalized services to its clients and to realize stable, long-term returns through investments in asset allocation around the world. Visit www.anbanggroup.com/abic/english for more information.

About J.C. Flowers & Co.:
J.C. Flowers & Co. is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $14 billion (more than 10 billion euro) of capital in 38 portfolio companies in 14 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $8 billion (6 billion euro) of assets under management, J.C. Flowers & Co. has offices in New York and London.

About Fidea
Fidea is a solid independent insurance provider for retail clients, the self-employed and corporates. The company applies a differentiated distribution approach and sells its contracts through independent insurance brokers as well as, within the framework of a bank and insurance collaboration, via the Crelan and Delta Lloyd Bank distribution network. Fidea offers high-quality insurance products at market prices based on the needs of its client target groups. With its Elit3 concept, Fidea has played the role of pioneer in the total client approach. Moreover, this approach has been expanded to encompass the corporate segment through the Trigoon, Trigoon Plus and Thematic programme concepts. In addition to its head office in Antwerp, Fidea also has a regional office in Namur and it currently employs around 360 staff members. The insurance company has been operating independently on the market since March 2012 under the auspices of US shareholder J. C. Flowers. In 2009. Fidea received an award from the City of Antwerp in celebration of its 100th anniversary.