Chubb Ltd has entered into a ten-year strategic co-operation agreement with China’s largest property and casualty insurance company.
In a statement, Chubb said the agreement would allow the leveraging of Chubb’s global capabilities in support of PICC Property & Casualty Company’s customers and other Chinese-affiliated companies around the world. It added that this would be in line with the Chinese Government’s drive to promote the country’s “Going Out” and “One Belt One Road” initiatives.
Evan Greenberg, chairman and CEO of Chubb, said: “For Chubb, this strategic co-operation 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.”
Source: The Royal Gazette