On 9 September 2016, China Reinsurance Group entered into the Strategic Cooperation Agreement with China Merchants Group. Yuan Linjiang, chairman of China Reinsurance Group, Wang Yonggang, supervisor of China Reinsurance Group, Li Yuanyuan, general manager of China Re P&C, Yu Limin, general manager of Huatai Insurance Agency, Li Jianhong, chairman of China Merchants Group, Li Xiaopeng, general manager of China Merchants Group, Wang Hong, deputy general manager of China Merchants Group, and Gong Shaolin, chairman of CM Securities witnessed the signing of the Agreement. Zhao Wei, assistant to the president of China Reinsurance Group and general manager of China Re AMC, and Fu Gangfeng, chief financial officer of China Merchants Group, executed the Agreement on behalf of their respective parties.
Pursuant to the Agreement, China Reinsurance Group and China Merchants Group will establish a long-term, stable and comprehensive strategic cooperative relationship for continuously enhancing cooperation between their headquarters and subsidiaries in insurance business, financial business and innovation for mutual benefits. Firstly, as to insurance business, the parties will have greater cooperation in traffic insurance, financial insurance and real estate insurance and insurance related services in the PRC and overseas. As in reinsurance business, China Reinsurance Group will provide support for China Merchants Group’s underwriting capacity and risk management skills. Secondly, as to financial business, the parties will have greater cooperation in comprehensive finance, asset management and investment and finance business; and jointly promote a critical investment platform for specified areas, including equity, industry, infrastructure, and “One Belt One Road” initiative. Thirdly, as to innovation, the parties will enhance communication to exchange information and experience in their respective businesses, deeply integrate long-term accumulated industry risk data to improve risk management skills together, and develop innovative insurance and financial product serving real economy. Through strategic cooperation, the parties will share resources and complement each other with their respective strengths to create mutual benefit. The signing of the Strategic Cooperation Agreement represents a new stage and new chapter for the cooperation of the parties.
To facilitate the implementation of the Strategic Cooperation Agreement, China Re AMC and CMTF entered into a memorandum of cooperation for setting up of an industrial fund; and Huatai Insurance Agency and China Merchants Houlder entered into a memorandum of cooperation for cooperation in insurance agency business upon signing of the Strategic Cooperation Agreement, which further expressed the parties’ sincerity and determination for cooperation and mutual development.
China Merchants Group is a major state-owned conglomerate based in Hong Kong with focuses on three core businesses, namely the transportation, finance and real estate sectors. China Merchants Group has been rated as an A Grade Stated-owned Enterprise SASAC of the State Council for 12 consecutive years. China Reinsurance Group is the largest reinsurance group in Asia and the eighth largest reinsurance group around the world. It records outstanding performance in its core reinsurance business with a complete industrial chain of insurance business from reinsurance, direct insurance, asset management to insurance agency.
Li Yinquan, director of China Merchants Group and general manager of CMTF, Li Yadong, director of general office of the China Merchants Group, Su Min, general manager of CMB Financial, Liu Zhimin, deputy director of strategic development department of China Merchants Group, Luo Yimin, deputy chief of staff, Zou Dehui, general manager of China Merchants Houlder, Li Wei, head of strategic customer department of China Reinsurance Group, Fang Li, deputy general manager of China Re Life, Zhang Renjiang, deputy general manager of China Continent P&C, and Zhou Jinrong, general manager of new business department of China Re AMC also attended the signing ceremony.
(Drafted by strategic customer department)
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