KKR & Co and Quadrantis Capital agreed to acquire minority stakes in Hong Kong-based Peak Reinsurance Co.

KKR and Quadrantis will hold about 11.3 percent and 1.8 percent of Peak Re, respectively, after the deal is completed, according to a statement Tuesday, which confirmed an earlier Bloomberg News report. Fosun International Ltd will hold the remaining 86.7 percent in the reinsurer.

Prudential Financial Inc has sold its indirect holding of about 13.1 percent in Peak Re following the deal with KKR and Quadrantis. The transaction is expected to close in the fourth quarter, pending regulatory approvals.

The investment from KKR and Quadrantis will help to strengthen Peak Re’s services and boost growth, the reinsurer’s Chief Executive Officer Franz-Josef Hahn, said in the statement.

Founded in 2012, Peak Re has clients worldwide and focuses on insurance including property and casualty, and life and health, its website shows. Fosun had attempted to sell Peak Re at least twice in recent years, seeking a valuation of about $1 billion for the company.

“As Asia emerges as a global growth engine for insurance and reinsurance, Peak Re is well-positioned to meet the needs of global clients,” said Bing Gu, managing director at KKR.