China's Ping An launches strategic partnership with specialty MGA Fusion
Ping An, China's largest insurer by market size, and managing underwriting agency platform Fusion Specialty have launched a strategic partnership in the People's Republic of China (PRC) and Hong Kong.
The partnership will see them offering warranties and indemnities (W&I) insurance solutions serving the private equity and corporate mergers and acquisitions (M&A) marketplace.
Ping An P&C and Fusion will provide private equity and corporate insureds the benefits of admitted insurance paper and capacity, the highest rated reinsurance capacity, and local underwriting expertise and claims capabilities in the PRC and Hong Kong.
Fusion, a subsidiary of POP International Holdings, has licensed MGAs in Australia, Hong Kong, Singapore and the USA; and is a coverholder at Lloyd’s.
Ping An P&C said it is "uniquely positioned" to deliver an admitted W&I policy form that is pre-approved by the CBIRC under the provisions of the Insurance Law of the PRC.
David Rogers and Killian McDermott, Fusion’s co-founders and executive partners, commented: “We are very confident that the combination of Ping An P&C’s leadership position, extensive network, local knowledge and admitted paper and capacity in the PRC; aligned with Fusion’s W&I expertise, experience and partnerships with the highest rated re/insurance capacity, position us to deliver a market leading W&I insurance offering for Insureds, advisors and brokers in the PRC and Hong Kong M&A markets.”
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