The internationally-operating Swiss insurance group Nationale Suisse and the Chinese reinsurer China Re P&C have concluded a strategic partnership agreement. Its aim is to jointly develop tailored solutions in the fine art, engineering and marine sectors for the Chinese market.
The strategic partnership agreement for the Chinese market represents the next step in the Asia strategy of Nationale Suisse and in the long-term development of the specialty line business.
With this agreement, Basel/Switzerland based specialty lines insurer Nationale Suisse and Beijing/China based China Re P&C intend to jointly develop fine art, engineering and marine insurance and reinsurance solutions for the Chinese market. Having received an insurance licence for Singapore at the beginning of this year, this partnership represents the next step of rolling out Nationale Suisse’s strategy for Asia, focused on specialty lines.
“We are very pleased with the partnership agreement with China Re P&C, being a highly reputable and very well established leading Chinese reinsurer,” said Hans Künzle, CEO of the Nationale Suisse Group.
“We are two companies with high focus on product innovation and qualitative underwriting and we have common ambitions to further develop the cooperation. This agreement forms an excellent foundation for a strong and successful partnership in this important strategic market.”
China Re P&C’s clients will be offered tailor-made specialty lines risk solutions jointly developed with and reinsured by Nationale Suisse. Combining the strong technical know-how of both companies with the broad market access of China Re P&C will create a unique opportunity to cover the Chinese market in its entirety with these insurance solutions.
“With Nationale Suisse, we could find a strong partner for broadening our range of specialty insurance and reinsurance solutions, especially in fine art, engineering and marine. There is a strong market trend towards highly specialized and tailor-made risk solutions and we are going to form part of this by fostering our service and product offering for our clients. We also look forward to expanding our reinsurance support of Nationale Suisse in its global business growth efforts,” said Zhang Hong, Chairman of China Re P&C.