Thursday, March 27, 2008

Generali's China JV approved to set up 1st branch in Daqing

Italy's Assicurazioni Generali SpA's Chinese joint venture got approval from China Insurance Regulatory Commission (CIRC) to set up its first branch in the country.

The new branch of Generali China Insurance Co will be located in Daqing, northern China's Heilongjiang province, according to a statement released by CIRC, and it is restricted to operate only in the province.

Established in April 2007 in Beijing, Generali China is the country's first sino-foreign property and casualty venture with a registered capital of RMB 500 million, in which Generali and China National Petroleum Corporation each hold a 50% stake.

Generali, the world's fourth-largest insurance group, operated more than 100 insurance financial entities worldwide.

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