Swiss Re Corporate Solutions completes the acquisition of the RSA Insurance Group Plc's China subsidiary, Sun Alliance Insurance China Ltd. (RSA China).
With this acquisition, previously announced on July 3, 2014, Swiss Re Corporate Solutions is now fully licensed and operational in China as Swiss Re Corporate Solutions Insurance China Ltd. It will be headquartered in Shanghai, with branches in Beijing and Jiangsu.
Swiss Re Corporate Solutions China will provide commercial insurance to mid- and large-sized corporate clients. It will focus on property, casualty, marine, engineering and construction risks, as well as customized solutions for the agriculture and energy sectors.
Fred Kleiterp, Swiss Re Corporate Solutions Head of Asia Pacific, says: "This acquisition combines Swiss Re Corporate Solutions' strong underwriting skills and RSA China's established local market knowledge. Underpinned by the financial strength of the Swiss Re Group, this investment supports the company's global growth strategy."
Elton Chang, Swiss Re Corporate Solutions China Ltd. CEO says: "We can now offer large capacity and technical expertise to clients in China. By delivering fresh perspectives and working closely with companies in the region, we will help them manage complex risks more effectively."