Ping An of China Said to Buy Lloyd’s of London Building

Ping An Insurance Group Co., China’s second-largest insurer, agreed to buy the Lloyd’s of London building from a Commerz Real AG-managed fund, two people with knowledge of the transaction said.

A Chinese insurer is purchasing the home of the Lloyd’s insurance market for 260 million pounds ($388 million), London-based property broker Savills Plc said in a statement today without naming the buyer. The deal requires regulatory approval, according to one of the people. Both asked not to be identified because the purchaser hasn’t publicly been named.