ACR cancels acquisition

ACR Capital Holdings Pte. Ltd. (ACR) has announced that the proposed acquisition of ACR by Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd. will not be proceeding.

ACR’s existing major shareholders remain committed to firmly supporting the sustainable and profitable growth of ACR’s business.

Over the past year, ACR has continued to successfully execute on its original strategy, pursuing profitable growth opportunities while simultaneously de-risking and rebalancing its portfolio, and further strengthening its business franchise and brand. These measures have resulted in significant improvement in ACR’s underwriting and financial performance, with its business tracking ahead of plan across all key metrics.

Bobby A. Heerasing, group chief executive of ACR, said, “Our long-term strategic vision, growth ambitions and business priorities for ACR remain unchanged. We remain fully committed to ensuring service consistency and continuity for our clients, and look forward to delivering top-quality risk solutions and services that clients have come to expect from ACR at the upcoming 1 January renewals. The business has been performing well over the last 12 months and ACR’s management and employees are fully on board and focused on executing on our strategy to continue delivering results.”