Chubb Announces Strategic Cooperation Agreement with China’s PICC Property & Casualty Company

By a News Reporter-Staff News Editor at Insurance Weekly News -- Chubb Limited (NYSE: CB) announced that it has entered into a strategic cooperation agreement with PICC Property & Casualty Company of China that will leverage Chubb's global capabilities in support of PICC's customers and other Chinese-affiliated companies around the world in line with the Chinese government's drive to promote the country's "Going Out" and "One Belt One Road" initiatives.

PICC P&C is China's largest property and casualty insurance company, with total assets of approximately $72.2 billion and gross written premiums of approximately $47.3 billion reported in 2016. PICC's commercial customers include some of China's largest enterprises, many of which have complex operations in multiple foreign jurisdictions.

"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."

Keywords for this news article include: Asia, China, Chubb Limited.

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