Chubbs adds to stake in Chinese insurer
Chubb Ltd has increased its ownership in China’s Huatai Insurance Group Company Ltd.
It is expected to own 46.2 per cent of Huatai’s shares upon completion of an agreed purchase of an additional 15.3 per cent of the group.
This comes in the wake of regulatory approval last week for unrelated share purchases that increased Chubb’s stake to 30.9 per cent.
Huatai Insurance Group’s insurance operations have more than 600 branches and 11 million customers. It is the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company and Huatai Asset Management Company, among other subsidiaries.
Chubb, a Swiss-based insurer with underwriting operations in Bermuda, will purchase the shares from the Inner Mongolia Junzheng Energy and Chemical Group Co Ltd, and one of its wholly owned subsidiaries. The parties have also agreed to the intended terms of a subsequent purchase of an additional 7.1 per cent of the company, contingent upon the completion of the first purchase. The transactions are subject to regulatory approvals and other conditions.
Evan Greenberg, chairman and chief executive officer of Chubb, said: “The agreement we are announcing today is another important milestone towards our goal of majority and beyond ownership in Huatai.
“We are committed to supporting Huatai as a long-term strategic shareholder and we have great confidence in the long-term potential of the Chinese insurance market. We are builders at Chubb, and our increasing stake in Huatai is an opportunity to build a great Chinese insurance company that will meet the growing protection needs of Chinese consumers and businesses.”
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