China Re has entered into a new partnership with Portuguese insurer Fidelidade to help support Chinese investments under the ambitious Belt and Road initiative.
Working together, the companies will contribute to the implementation of reinsurance solutions for projects in Portugal, Spain, France, Angola, Mozambique, Cape Verde and Peru.
The announcement comes shortly after China Re revealed it would be collaborating with Spanish re/insurance firm MAPFRE on solutions for Belt and Road interests in Latin America and certain European countries.
Fidelidade said that the agreement with China Re would help it to expand its business abroad by enhancing the coverage it can offer to Chinese citizens living outside the country.
“With this collaboration, it will be possible to identify investment opportunities in these countries for Fidelidade products and services that are suitable to the needs in these target markets, as well as the sharing of best commercial and technical practices,” a statement from the company read.
“Fidelidade will thus be able to diversify its scope and develop new opportunities for international business growth, reinforcing its offer to the Chinese community present throughout the world,” it added.
Beijing’s massive infrastructure plans are designed to create greater connection between China and other countries in Asia, Europe, Africa, Middle East, and the Americas.
It involves development and investments in 152 countries and is forecast to cost more than $1 trillion, with a targeted completion date in 2049.
In Portugal, the Fidelidade Group offers a range of products that are specialised for the Chinese community, including a Chinese business unit with a network of bilingual agents.