Chubb has signed a cooperation agreement with PICC Property & Casualty Company of China on underwriting.
The deal will provide PICC’s customers and other Chinese-affiliated companies across the world access to Chubb’s global capabilities.
The 10-year deal supports the Chinese government’s economic initiatives.
Recently, the Chinese government opened up the economy for insurance and financial sector and has allowed increase of ownership for foreign companies in the country.
Under the deal, the companies will establish underwriting and service centers, ‘China Desks’, for Chinese-affiliated enterprises in Chubb's offices globally.
The two companies will work together to insure and service Chinese companies overseas and jointly explore other business opportunities.
Chinese companies with multinational insurance programs will be able to have their overseas insurance requirements serviced via Chubb's operations in 54 countries and partners in about 150 other countries.
The agreement is expected to give access to PICC to one of the largest insurance networks, while Chubb can jointly develop insurance business with some of China’s largest companies.
Chubb chairman and CEO Evan G. Greenberg said: "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.
"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."
Image: Chubb enters into partnership with PICC Property & Casualty of China Photo: Courtesy of etaphop photo/FreeDigitalPhotos.net.