China’s insurance regulatory agency took control of hard-charging, acquisitive Anbang Insurance, saying the action is needed to avoid a collapse of the firm following suspected illegal activity and the downfall of its once-highflying chairman.
SHANGHAI—China’s insurance regulatory agency Friday took control of hard-charging, acquisitive Anbang Insurance Group Co., saying the action is needed to avoid a collapse of the firm following suspected illegal activity and the downfall of its once-highflying chairman.
Anbang was among a handful of privately run, fast-growing Chinese firms that appeared to enjoy unusual levels of political support to borrow money and build global footprints.
