Boston-based property and casualty insurer Liberty Mutual Insurance said it has entered into a joint venture with China-based private enterprise Sanpower Group Co. for its Chinese property and casualty insurance operations.
Liberty Mutual said Sanpower will hold a 51 percent controlling interest in the company and Liberty a 49 percent minority interest after completion of the transaction and approval by the appropriate regulatory authorities, including the China Insurance Regulatory Commission.
"China has the second largest property and casualty market in the world and continues to offer attractive growth opportunities to us," said David H. Long, Liberty Mutual's chairman and CEO. "Sanpower's understanding of, and access to, broader Chinese markets, particularly through their extensive retail network, will significantly enhance the competitiveness of our joint operations in a market that remains dominated by local players."
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Trudy Knockless
Trudy Knockless is a reporter on ALM Media's Business of Law desk. She has a background serving legal and insurance publications. Contact her at [email protected] or on LinkedIn at Trudy Knockless.
