U.S. Probes Chinese Ownership of CIA-Linked Insurance Company. WHAT>???????? Federal investigators are taking a close look at the Chinese ownership of an American insurance company that has been selling legal liability insurance to senior CIA, FBI and other intelligence officials and operatives for decades. The company, Wright USA, was quietly acquired late last year by Fosun Group, a Shanghai-based conglomerate led by Guo Guangchang, a billionaire known as “China’s Warren Buffett” who has high-level Communist Party connections. The links between Guo and Wright USA came under scrutiny by the Treasury Department’s Committee on Foreign Investment in the United States, as well as the Office of Director of National Intelligence, the coordinating body of all U.S. spy agencies, soon after Fosun announced the purchase of Wright’s parent company last November. The FBI has also launched a criminal probe into whether the company made “unauthorized disclosures of government data to outsiders,” according to a well-placed source, who like others, spoke to Newsweek on condition of anonymity because the information was sensitive.
U.S. officials are concerned that the deal gave Chinese spy agencies a pipeline into the names, job titles, addresses and phone numbers of tens of thousands of American intelligence and counterterrorism officials—many working undercover—going back decades.
On Tuesday, perhaps in response to U.S. government concerns, Fosun announced it was putting Wright USA’s parent company, Bermuda-based Ironshore Insurance, up for sale. Fosun spent $2.3 billion over two years acquiring the company, Reuters reported. No timing for a sale was announced.
None of the half-dozen former CIA officials contacted by Newsweek remembered receiving any notice of Fosun’s ownership of Wright, including the company’s June 6 letter to policyholders. One, who recently retired under cover as a State Department officer, said that letter looked like junk mail so he “didn’t pay any attention to it.” Prompted by Newsweek, he retrieved the envelope and opened it. “It’s shocking,” he said after reading the letter. “It’s amazing that nobody else has mentioned it.”
“They may be trying to figure out what the hell is going on,” he said of U.S. agencies responsible for countering foreign intelligence operations. “It could take months and months to figure out.… It’s an administrative nightmare, for sure.”