Düsseldorf:
Munich Re’s ERGO insurance unit has agreed to take a 24.9% stake in Chinese Taishan Property & Casualty Insurance Co.The transaction is a further step in expanding ERGO’s insurance portfolio in the Chinese market, said the insurer in a statement.
ERGO will help expand Taishan’s market offering as the Chinese financial services sector continues to open, said ERGO.
“The ERGO Group’s strategic investment in Taishan Insurance is a strong entry point into the Chinese P/C market that complements our existing life and health insurance business in China,” noted Juergen Schmitz, CEO ERGO China.
“In our global portfolio, China holds a central role. Taishan Insurance is a dynamic and ambitious insurance company in the Chinese P&C market, which drives its business with great competence and determination. We are looking forward to building a strong partnership together and to bundling our strengths in this important market,”said Markus Rieß, Chief Executive Officer and Chairman of the Board of Management of ERGO Group..
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China has been one of the insurer’s most important strategic markets for about 15 years, said ERGO noting that it founded its Chinese travel insurance and health service company in 2005 and in 2013 formed ERGO China Life, its life insurance joint venture with the state-owned company Shandong Asset Investment Holdings Co. Ltd. In 2019, ERGO launched the regional headquarters of ERGO China.