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SHANGHAI, April 26, 2016 /PRNewswire/ -- ChinaVest is pleased to report that it has acted as financial and strategic advisor to Chubb Limited (NYSE: CB) on its long-term preferred provider distribution agreement with Suning, one of the largest retailers and most recognized retail brands in China. Under the terms of the agreement, Chubb and Suning will partner to develop and market personal and commercial general insurance products to Suning's 230 million registered e-commerce customers and 130 million registered members of Suning Yifubao, the company's online payment processing platform.
Commenting on this new partnership, Robert Theleen, ChinaVest's Chairman & CEO, stated: "This is a brilliant move by Chubb to tap into the burgeoning Chinese online insurance market. This partnership will enable Chubb to grow its personal and small commercial insurance businesses with a 21st century distribution model. Chubb's large product portfolio and Suning's broad distribution capabilities is a very powerful and exciting combination."
China's online insurance market premium grew to Rmb200 billion in 2015, up from Rmb30 billion in 2013, and is expected to reach Rmb740 billion in 2020.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: http://www.new.chubb.com
About ChinaVest
Established in 1981 and headquartered in Shanghai, ChinaVest Limited is one of the oldest foreign-owned strategic and financial advisors in Mainland China. The firm provides financial advisory and cross-border M&A advisory services to foreign multinationals seeking to enter the Chinese market, as well as for Chinese companies investing overseas. ChinaVest also provides private placement and strategic advisory services to its clients across a wide range of industries. For more information, please visit http://www.chinavest.com.
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