Anbang Insurance gets regulatory approval for Fidea buy

BEIJING - China Insurance Regulatory Commission, the top insurance regulator, said on Wednesday that it had approved Anbang Insurance Group's plan to acquire Belgian insurer Fidea NV.

The Beijing-based Anbang has agreed to buy Fidea from US private equity firm JC Flowers & Co for an undisclosed amount.

The Chinese insurer made headlines with the acquisition of Waldorf Astoria, the landmark hotel on Park Avenue, New York, last October. Under the agreement, Anbang purchased the iconic luxury hotel for $1.95 billion from Hilton Worldwide Holdings.

Anbang, founded in 2004, holds assets of 800 billion yuan ($130.7 billion).