Frontier Services Group (FSG) has partnered with Taiping General Insurance for the development of new insurance products and services to support overseas Chinese enterprises and projects.
FSG and Taiping will focus on supporting clients operating along the One Belt One Road ("OBOR") region. The new offering will provide clients with innovative insurance products and services covering the unique risks associated with frontier markets.
The new partnership will provide insurance solutions covering personnel, assets and projects from Asia to Africa. FSG's mission is to help businesses operating in frontier markets overcome complex security, logistics and operational challenges by delivering reliable and bespoke solutions.
FSG will not only assist Taiping in developing insurance products, but also will be a force multiplier in risk mitigation and operational support through its comprehensive logistics security and cross-border aviation services. These services will help to mitigate risks and provide critical support all insured clients.
China Taiping is currently the longest standing national brand in China's insurance industry. Taiping was founded in Shanghai in 1929 and rose quickly to become one of the leaders in China's insurance industry. China Taiping works across many countries and regions, including mainland China, Hong Kong, Macau, Europe, Australia, East Asia and Southeast Asia.
Today's announcement follows the announcement by FSG on 22 December 2016 of the launch of its new insurance division with the objective of partnering with leading insurance firms in China to bring clients operating in frontier markets customized insurance solutions.
Frontier Services Group chairman Erik Prince said: "We are very excited about FSG's growing insurance division and the opportunity to work with Taiping Insurance. This represents a second significant player working with FSG to develop innovative insurance solutions for companies operating in frontier markets.
“We look forward to working together with our partners to deliver world class products and solutions to our clients."
FSG CEO Dr. Dongyi Hua said: "One Belt One Road projects will need new, innovative insurance solutions. This partnership, together with others within our new insurance division, will allow us to offer bespoke and much needed insurance solutions to our clients."
FSG corporate development and strategy head David Whittingham said: "Our clients are our number one priority. The new partnerships we are setting up will allow us to provide them with even better services, de-risking their projects so they can focus on their core business.
“Taiping is a market leader and this partnership is testament to the high standard of services we are aiming to deliver."