China Takes Control Of Anbang Insurance Group

BEIJING/SHANGHAI (Reuters) - Anbang Insurance Group Co Ltd, one of China’s biggest insurance conglomerates, has been taken over by the country’s insurance regulator for one year, and its chairman has been prosecuted for economic crimes.

The China Insurance Regulatory Commission (CIRC) said in a statement on Friday that it will maintain the group as a private company, even as it undertakes an equity restructuring, following the arrest last June of Anbang’s chairman and key shareholder, Wu Xioahui..