Insurer enters into joint venture for its Chinese insurance operations with Sanpower Group Co., Ltd.
Liberty Mutual Insurance and Sanpower Group Co., Ltd., one of China’s leading private enterprises, announced today they have agreed to create a joint venture from Liberty Mutual’s current Chinese property and casualty insurance operations. Sanpower will hold a 51 percent controlling interest in the company and Liberty Mutual a 49 percent minority interest once the transaction is completed following approval by the appropriate regulatory authorities, including the China Insurance Regulatory Commission (CIRC).
“China has the second largest property and casualty market in the world and
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