Liberty Mutual and Sanpower create joint venture
Liberty Mutual Insurance and one of China’s private enterprises, Sanpower Group, have agreed to create a joint venture from Liberty Mutual’s current Chinese property/casualty insurance operations.
Sanpower will hold a 51 percent interest in Liberty China and Liberty Mutual a 49 percent minority interest once the transaction is completed.
"China has the second largest property and casualty market in the world and continues to offer attractive growth opportunities to us," said David Long, Liberty Mutual Insurance chairman and chief executive officer.
"Sanpower'sunderstanding of, and access to, broader Chinese markets, particularly through their extensive retail network, will significantly enhance the competitiveness of our joint operations in a market that remains dominated by local players. I'd like to thank our China employees for putting Liberty in the position to make this partnership possible."
Liberty Mutual has had a presence in China for 20 years.
“Liberty Mutual Insurance Group is one of the world’s most reputable insurance companies, and its strategic partnership with Sanpower Group will not only promote the company’s development in China, but also expand Sanpower’s position in the financial sector and accelerate the development of its financial services. Therefore, the partnership is a win-win for both sides, so to speak,” said Yuan Yafei, chairman of Sanpower Group.
