Sources familiar with the development were quoted by Bloomberg as saying that Fosun may pay a premium of approximately $400m to $500m for Aurora.

On the condition of anonymity, the sources further told the publication that the deal has not been finalized yet and talks could still fall apart.

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Zurich-based Swiss Re hired British banking firm Barclays in 2013 to help to divest Hartford, Connecticut-based Aurora.

One source said that Wilton Re Holdings, a Bermuda-based reinsurer, had also expressed interest in Aurora.

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