The Chinese conglomerate has hired BNP Paribas to assist it in the sale process.
According to sources, Fosun is eyeing a valuation of around $1bn for its majority stake in Peak Re.
Marketing materials have been sent to potential bidders, which include private equity companies and financial services companies in Asia.
The sale considerations are still in the early stages and no definitive decisions have been made.
Fosun may yet choose not to proceed with the sale.
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Neither the company’s representatives nor BNP Paribas commented on the matter.
In 2022, Fosun had been exploring various options, including the sale of Peak Re, as part of its strategy to reduce debt.
Peak Re, established in 2012, offers insurance services in areas such as property and casualty (P&C), and life and health.
It serves more than 580 clients across 60 markets, spanning Asia-Pacific, Europe, the Middle East, Africa and the Americas.
Prudential Financial, based in the US, holds around a 13% stake in the reinsurer, while Fosun owns the remaining shares.
This potential divestment could involve a partial or complete sale of Fosun’s 10% holding, which is valued at around $792m.
Ageas, with its headquarters in Brussels, manages insurance operations that were part of Fortis, a financial services company that was bailed out during the 2008 financial crisis.
The insurer offers a variety of services, including P&C and life insurance, and operates in several countries including Belgium, China, France, Malaysia, Portugal, Thailand and the UK.