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China-based Fujian Expressway Development Co. Ltd. has received approval from the China Insurance Regulatory Commission to establish the first insurer to be headquartered in the nation's Fujian Province, reported Asia Insurance Review.
The new insurer will be headquartered in the province's Fuzhou city.
The insurer has been named Straits Golden Bridge Property Insurance and will have a registered capital of 1.5 billion Chinese yuan ($234.3 million).
Fujian Investment & Development Group Co. Ltd. would invest CNY 300 million ($46.8 million) in the insurer for a 20% stake.