International re/insurer Chubb has signed a strategic cooperation agreement with PICC Property & Casualty Company in support of the Chinese government’s economic initiatives.
The agreement seeks to leverage Chubb’s global capabilities to support PICC’s customers and other Chinese-affiliated firms as they embark on the Chinese government’s Belt and Road initiative and its encouragement of outward investment.
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The cooperation agreement has a validity of 10 years, and will include the establishment of “China Desks” for Chinese-affiliated enterprises in Chubb’s offices worldwide. The two insurers will work together to service China-affiliated companies overseas, as well as jointly explore other business opportunities.
As a result, PICC will gain access to one of the world’s leading insurance networks, while Chubb will be able to jointly develop insurance business with some of the largest enterprises in the world’s fastest-growing insurance market.
“For Chubb, this strategic cooperation agreement is a substantial opportunity to bring the full breadth of our capabilities and global network to bear in meeting the complex insurance needs of China’s largest and most successful companies,” said Evan Greenberg, chairman and CEO of Chubb. “With this agreement, PICC now has the ability to offer its clients access to our industry-leading capabilities in countries beyond China. We greatly look forward to working with our new partners.”
PICC Property & Casualty is one of the largest property and casualty insurance firms in China, with total assets of US$72.2 billion and gross written premiums of around US$47.3 billion in 2016. Among its commercial customers are major Chinese businesses, many of which have complex operations in multiple foreign markets.
