People - JUNE 14, 2017

Anbang chairman steps down

by Andrea Waitrovich

Wu Xiaohui, the chairman of Anbang Insurance Group, has stepped down as chairman.

Xiaohui was taken away on June 9 in Beijing, according to Caijing, a respected independent newsmagazine. Citing unidentified sources, the magazine reported that authorities told the company about the detention. If the latest reports by other media are correct, Xiaohui is currently detained by insurance regulators in China.

In a statement early Wednesday morning in China, the company said that Xiaohui has left the firm “for personal reasons no longer able to perform his duties.”

Xiaohui founded Anbang Insurance Group Ltd. in 2004.

Anbang Insurance Group made headlines this year. Recently, Anbang Insurance Group ended talks to purchase the mixed-use tower at 666 Fifth Ave. from The Kushner Cos.

And CNN reported the country's insurance regulator barred the firm from offering new insurance products for three months following what it described as "the improper sale" of those products.

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