A Chinese firm bought an insurer for CIA agents - part of Beijing's trillion dollar spending spree

When an insurer for FBI and CIA agents was sold to a Chinese entity, it led the US to tighten investment laws.

Watch LiveBritish Broadcasting CorporationHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveDocumentariesHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationWatch DocumentariesTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureWatch DocumentariesFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsWatch DocumentariesArts in MotionTravelWatch DocumentariesDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListTo the Ends of The Earth EarthWatch DocumentariesNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingAudioPodcast CategoriesRadioAudio FAQsVideoWatch DocumentariesBBC MaestroLiveLive NewsLive SportDocumentariesHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveDocumentariesWeatherNewslettersWatch LiveA Chinese firm bought an insurer for CIA agents - part of Beijing's trillion dollar spending spree2 days agoShareSaveCelia HattonShareSaveGetty ImagesSince 2018, the United States has been tightening its laws to prevent its rivals from buying into its sensitive sectors – blocking investments in everything from semiconductors to telecommunications.

But the rules weren't always so strict.

In 2016, Jeff Stein, a veteran journalist covering the US intelligence community, got a tip-off: a small insurance company that specialised in selling liability insurance to FBI and CIA agents had been sold to a Chinese entity.

"Someone with direct knowledge called me up and said, 'Do you know that the insurance company that insures intelligence personnel is owned by the Chinese?'" he remembers. "I was astonished!"

In 2015, the insurer, Wright USA, had been quietly purchased by Fosun Group, a private company believed to have very close connections with China's leadership.