The Hong Kong-based insurance unit of China’s Bank of Communications Co. has filed a formal application with the China Insurance Regulatory Commission (CIRC) to establish a Shanghai-based P/C insurance subsidiary.
China Communications Insurance will operate with mainland partners. It would be classified as a “foreign” insurer, and could hold up to a 24.9 percent stake in the new venture. News reports indicate that the initial capitalization would be between 500 and 800 million yuan ($61.67 to $98.7 million).
Topics China Property Casualty
Was this article valuable?
Here are more articles you may enjoy.
Insurance Platform Corgi Valued at $2.6B in Funding Round 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
After Complaint, GEICO Agrees to Modify Cancellation Process That Uses AI 
