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Fosun International Ltd. has revived a plan to sell Hong Kong-based Peak Reinsurance Co. after failing on a previous attempt, according to people familiar with the matter.

BNP Paribas SA is helping the Chinese conglomerate find a buyer for its majority stake in the business, the people said, asking not to be identified because the matter is private. Fosun is potentially seeking a valuation of about $1 billion for the company known as Peak Re, the people said.

A formal sale process is under way and marketing materials have been sent to prospective bidders, including private equity firms and Asia-based financial services companies, the people said. Considerations are preliminary, no final decisions have been made and Fosun could still decide against a sale, they said.

Representatives for Fosun didn’t respond to requests for comment. BNP didn’t have an immediate comment.

Fosun had previously considered options including a sale of Peak Re as part of its efforts to pay down debt, Bloomberg News reported in 2022. Fosun shares rose 2.6% Thursday to close at HK$4.43 in Hong Kong.

Founded in 2012, Peak Re focuses on insurance including property and casualty, and life and health, its . It has more than 580 clients across 60 markets in Asia Pacific, Europe, the Middle East, Africa and the Americas. US-based Prudential Financial Inc. owns about a 13% stake in the reinsurer, while Fosun holds the rest, according to Peak Re’s .

Fosun also is considering the sale of its minority stake in Belgium’s largest insurer, Ageas NV, Bloomberg News reported this week, while the company sold a chunk of Banco Comercial Portugues last month.

Fosun’s potential sale of the Peak Re stake “could indicate there may also be debt-repayment pressure on top of its capital-market debt such as bank loans,” Andrew Chan, an analyst at Bloomberg Intelligence, wrote in a note Thursday. “Fosun has been looking to sell many assets recently, such as Ageas and BCP, which should generate sufficient proceeds to cover its outstanding public debt.”

Photograph: Office buildings in the Central district in Hong Kong, China, on Monday, Nov. 20, 2023. Photo credit: Paul Yeung/Bloomberg