Chubb partners with China’s PICC on underwriting
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Chubb Ltd. on Tuesday said it has formed a 10-year strategic cooperation agreement with PICC Property & Casualty Co. of China that will include dedicated underwriting and training.
The agreement with PICC will see the establishment of “China desks” in Chubb offices worldwide to service Chinese-affiliated enterprises as well as “educational and training opportunities to PICC personnel assigned to the China desks,” Chubb said in a statement.
The goal is to allow Chinese companies with multinational insurance programs to have their overseas insurance needs serviced through Chubb's operations in 54 countries and partners in nearly 150 other countries, according to the statement.
“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,” Evan G. Greenberg, chairman and CEO of Chubb, said in the statement. “With this agreement, PICC now has the ability to offer its clients access to our industry-leading capabilities in countries beyond China.”
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The People's Insurance Company (Group) of China Ltd.'s subsidiaries PICC Property and Casualty Co. Ltd. and PICC Reinsurance Co. Ltd. have signed a reinsurance agreement under which PICC P&C will cede property premiums to PICC Re, Asia Insurance Review reported. PICC P&C will cede up to 50 billion Chinese yuan ($7.3 billion) of its book per year in exchange for a maximum of CNY 16 billion in commissions. The agreement will expire on Dec. 31.
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