When China’s Fosun Group bought Wright USA in 2015, almost no one in Washington noticed. The insurer looked niche and low-risk. Only later did officials realise that Wright USA specialised in policies for CIA and FBI personnel—meaning it held personal and legal data on officers whose identities the U.S. government works hard to shield.

Reporting from Insurance Business Magazine and legal summaries later revealed just how sensitive the insurer’s files were: names, employment details and liability histories of federal intelligence and law-enforcement officers.

The situation escalated further when investigations cited by Business Today showed the acquisition had been backed by a US$1.2 billion loan from four Chinese state-owned banks routed through the Cayman Islands. What seemed like a

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