Chubb has entered into a strategic cooperation agreement with China’s largest property and casualty insurer, PICC Property & Casualty Company.
The agreement enables PICC to leverage Chubb’s global capabilities and is in line with the Chinese government’s drive to promote international expansion and cooperation to support its “One Belt Road” initiative.
“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,” said Evan G. Greenberg, Chairman and CEO of Chubb.
“With this agreement, PICC now has the ability to offer its clients access to our industry-leading capabilities in countries beyond China. We greatly look forward to working with our new partners,” she said.
The strategic cooperation agreement, which has a term of 10 years, will see Chubb and PICC establish dedicated underwriting and service centers for Chinese affiliated enterprises throughout Chubb’s offices globally.
Chubb and PICC will work together to insure and service China-affiliated companies overseas, as well as jointly explore other business opportunities.
Chubb will make its global insurance capabilities available to PICC and its customers, providing educational and training opportunities to PICC personnel assigned to the China Desks.
Chinese companies with multinational insurance programs will be able to have their overseas insurance needs serviced through Chubb’s operations in 54 countries and partners in nearly 150 other countries.
PICC’s P&C commercial customers include some of China’s largest enterprises – the insurer boasts total assets of about $72.2 billion and gross written premiums of approximately $47.3 billion reported in 2016.