Chubb signs strategic agreement with China's PICC
Chubb has entered into a strategic cooperation long-term agreement with PICC Property & Casualty Company of China.
The agreement will enable Chubb to jointly develop insurance business with some of China's largest enterprises, while PICC will gain access to Chubb's insurance networks.
"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," said Evan Greenberg, chairman and CEO of Chubb.
"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," Greenberg added.
PICC P&C is China's largest property and casualty insurance company, with total assets of approximately $72.2 billion and gross written premiums of approximately $47.3 billion reported in 2016. PICC's commercial customers include some of China's largest enterprises, many of which have complex operations in multiple foreign jurisdictions.
As part of the strategic cooperation agreement, which has a term of 10 years, Chubb and PICC will establish dedicated underwriting and service centers – 'China Desks' – for Chinese-affiliated enterprises in Chubb's offices throughout the world. Chubb and PICC will work together to insure and service China-affiliated companies overseas, as well as jointly explore other business opportunities. Chubb will also provide educational and training opportunities to PICC personnel assigned to the China Desks.
According to the statement, Chubb will make its global insurance capabilities available to PICC and its customers. Chinese companies with multinational insurance programs will be able to have their overseas insurance needs serviced through Chubb's operations in 54 countries and partners in nearly 150 other countries.
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