Chubb, the world's largest property and casualty insurance company by market capitalisation, 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 US$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 Mr Evan G. Greenberg, Chairman and CEO of Chubb.
The strategic cooperation agreement, which has a term of 10 years, includes the following key provisions:
- Chubb and PICC will establish dedicated underwriting and service centers – "China Desks" – for Chinese-affiliated enterprises in Chubb's offices throughout the world. Chubb and PICC will work together to insure and service China-affiliated companies overseas, as well as jointly explore other business opportunities. Chubb will also provide educational and training opportunities to PICC personnel assigned to the China Desks.
- Chubb will make its global insurance capabilities available to PICC and its customers. Chinese companies with multinational insurance programmes will be able to have their overseas insurance needs serviced through Chubb's operations in 54 countries and partners in nearly 150 other countries. Through this agreement, PICC will gain access to one of the world's largest and best-regarded insurance networks, while Chubb will be able to jointly develop insurance business with some of China's largest enterprises.
Chubb, the largest commercial insurer in the US, provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.