Independent Lloyd’s of London insurance broker Price Forbes has purchased a minority stake in Hong Kong-based Sino Insurance and Reinsurance.
Since its founding in 2006, Sino has focused on providing risk management and insurance solutions for Chinese multinational companies’ overseas investments and infrastructure construction, engineering, project management, and various aspects of operations.
Upon announcing the deal, Price Forbes’ chief executive officer James Masterton noted the “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,” he added.
Launched by the Chinese government in 2013, the Belt and Road Initiative is a long-term intercontinental project that aims to connect China to the world’s major economies.
It includes the construction of roads, railways, ports, airports, oil and gas pipelines and power plants, as well as other projects like educational programs and the construction and development of special economic zones.
The minority stake investment is expected to provide Sino access to clients and Price Forbes’ range of products and sector experts, while also building on Price Forbes’ strategy of working closely with clients globally.
“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,” said Frank Liu, the founder and chairman of Sino.
“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.”