Anbang Insurance Group Co., the Chinese buyer of the Waldorf Astoria, is planning an initial public offering that could raise $2 billion.
The insurer is planing to go public next year with a listing on the Hong Kong Stock Exchange, Bloomberg News reported. The insurer, which boasts $114 billion in assets, has more than 3,000 locations across China and more than 20 million customers.
Last month, Anbang purchased Belgian insurer Fidea NV and is reportedly looking to make more acquisitions.
“It appears that Anbang has ambitions for a conglomerate to emulate the Berkshire Hathaway model,” Linda Sun-Mattison, an analyst at Sanford C. Bernstein & Co. in Hong Kong, told Bloomberg. “This would entail continued and probably large funding needs.” [Bloomberg News] — Claire Moses