Morgan Stanley Bets on Alibaba-Backed Insurer
Friday, June 19, 2015
(WSJ by Rick Carew) – A consortium including Morgan Stanley invested $934 million in China’s first online-only insurer, which is backed by Alibaba Group Holding Ltd.’s financial-services affiliate, valuing the venture at $8 billion.
Zhong An Online P&C Insurance Co., a property and casualty insurer that is less than two years old, raised funds from a clutch of other China-focused private-equity investors in addition to Morgan Stanley. They include China International Capital Corp., CDH Investments, Keywise Capital Management and SAIF Partners, the company said in a statement sent to The Wall Street Journal. The investment has been approved by China’s insurance regulator, it said.
