Price Forbes acquires strategic stake in Chinese broker Sino
Specialist insurance broker Price Forbes has purchased a minority stake in Hong Kong-based Sino Insurance and Reinsurance Brokers.
Sino specialises in the placement of insurance programmes for Chinese multinationals overseas. Its clients include some of the largest Chinese construction companies, where it specialises in contractors all risks (CAR) insurance projects.
The two companies have worked together for over five years as members of the Worldwide Broker Network (WBN), a relationship which Price Forbes says has enabled it to develop strong relationships with Chinese insurers.
Price Forbes CEO James Masterton said: “At a time of enormous investment by Chinese companies in construction projects around the globe, and the accelerated growth projected as a result of the Belt and Road and Greater Bay Area Initiatives, we are delighted to be working with a local partner with direct relationships with construction companies.”
Frank Liu, the founder and chairman of Sino, said: “Price Forbes’ core mission to find solutions to complex risks that others find difficult makes them an ideal partner to fuel our growth ambitions as the premier broker for Chinese multinationals overseas. For a decade I have been impressed with the team’s deep product and technical expertise. We look forward to building on our close working relationship as partners.”
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