WASHINGTON – A quiet deal in financial shadows stunned everyone, showing China’s domination across the globe. Right USA, a small insurance company protecting FBI and CIA agents, was reportedly sold to a Chinese firm backed by state-owned banks, in a $1.2 billion transaction.
The small American insurance company that protects federal agents and spies against financial loss was quietly sold to a Chinese firm, raising alarming questions about national security and global investment strategies.
Jeff Stein, who previously worked for The Washington Post, first uncovered the story some ten years back. The company, Right USA, was secretly acquired in 2015 by China’s Fosun Group, a private company with alleged deep ties to the Chinese leadership. The sale sent shockwaves through Washington because Right USA held highly sensitive personal data of American intelligence officers.
Reports in international media claimed Chinese government pushed funds, buying assets across US, Europe, Middle East, and Australia. Beijing treats these overseas expenditures as a state secret, concealing how much is spent and where.
The insurance company deal was financially backed by four Chinese state-owned banks, providing $1.2 billion through the Cayman Islands to acquire Right USA. After US government probe, the company was eventually sold back to Americans.
US intelligence claimed that sale of insurance firm was one of the reasons Trump administration tightened foreign investment laws in 2018. At the time, very few Americans realized that these overseas Chinese investments were part of a massive global strategy.
In last two decades, Beijing spent $2.1 trillion in foreign nations as Beijing has a financial system the world has never seen. Its banks are the largest globally, giving Beijing unprecedented control over where investments go. Some investments are for profit, some for strategic dominance.
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