JC Flowers' Fidea sold to Anbang

The sale to Anbang is expected to be finalised within the first quarter of 2015. The deal is reported to be an exit for JC Flowers' Fund III, which raised $2.3bn in 2009.

JC Flowers acquired Fidea in October 2011 from KBC Group in a deal valued at €243.6m, according to unquote" data. It included a €22.6m pre-completion dividend and a potential conditional earn-out subject to Fidea's future results.

The sale to JC Flowers came as part of KBC's divestment strategy at the time, which involved reducing the risk profile of the group and allowing it to concentrate on its bancassurance expertise.

Fidea received interested from several investors when KBC was looking to sell the asset, according to unquote" data.

Anbang is a Beijing-based insurance company that employs 30,000 staff and has more than €90bn in assets. Founded in 2004, its customer base totals 20 million.

Fidea will continue to operate as an independent brand under Anbang's ownership. Its existing management team will remain in place.

Company
Founded in 1909 and headquartered in Antwerp, Fidea is an insurance firm that offers non-life products to retail, self-employed and corporate clients, as well as retaining its existing life products portfolio.

The company offers its products through a network of independent brokers as well as the Crelan and Delta Lloyd Bank distribution network.

Fidea employs 360 staff.

People
Edwin Schellens is the CEO of Fidea. Christopher Flowers is the CEO and managing director of JC Flowers.

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