AXA has entered into an agreement with Tian Ping Auto Insurance Company Limited shareholders to acquire 50 percent of the company.
Under the terms of the agreement and subject to regulatory approval, AXA will buy 33 percent of the company from Tian Ping's current shareholders for RMB 1.9 billion (or Euro 237 million) and subscribe to a dedicated capital increase for RMB 2.0 billion (or Euro 248 million) to support future growth. AXA and Tian Ping's current shareholders will jointly control Tian Ping. AXA's existing Chinese property and casualty operations are expected to be integrated within the new joint-venture.
Tian Ping has property and casualty licenses covering most Chinese provinces as well as a direct distribution license covering all these provinces; its primary focus is automotive insurance.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].