Fosun International Ltd., the Chinese insurance-to-tourism conglomerate, is seeking investors for a minority stake in its reinsurance business ahead of a possible initial public offering, according to people familiar with the matter.

The sale of shares in Peak Reinsurance Co. could raise about $300 million, the people said, asking not to be identified because the discussions are private. The investment would come ahead of a potential IPO of the reinsurer in Hong Kong, said the people.

Fosun, which owns about 87 percent of Peak Re, is pushing ahead with asset disposals in an attempt to improve its credit profile from its current junk ratings. The Shanghai-based company agreed to sell insurer Ironshore Inc. late last year for about $3 billion, reversing an acquisition spree that saw the group announce more than $14 billion of purchases since 2010.

The final Peak Re fundraising amount has not yet been decided, and the plans could still change, the people said. Representatives for Fosun and Peak Re declined to comment.

Fosun is also contending with senior executive departures after the company announced the unexpected resignations of Chief Executive Officer Liang Xinjun, 48, and Senior Vice President Ding Guoqi, 47. Liang — a longtime friend of Chairman Guo Guangchang — is the second of Fosun’s four founders to exit the company they started a quarter-century ago.

Peak Re’s profit fell 88 percent to $6.9 million in 2016, according to an earnings statement from Fosun on Tuesday. The World Bank’s private investment arm, International Finance Corp., owns the remaining 13 percent of the company, which offers reinsurance products in Asia Pacific.