Anbang Insurance was once the poster child for China’s high-flying private financiers. But that era came to an end in a ceremony in Beijing on Thursday, when officials pulled down a bright red banner to unveil the company’s new name: Dajia Insurance, or “Everybody’s Insurance”. 

Dajia’s official debut comes 18 months after Anbang’s takeover by the Chinese government, part of a broader deleveraging campaign that sought to root out systematic risks to the country’s financial system.

Wu Xiaohui, Anbang’s founder, was sentenced to 18 years in jail in Shanghai for fraud in May 2018. Mr Wu’s mother has since petitioned government departments and launched an online campaign seeking proof of life of her son, who has  not been seen by lawyers or relatives for about a year.