Cathay Insurance Starts Operation in Shanghai

SHANGHAI, Sep 30, 2008 (SinoCast via COMTEX) -- CYLFF | Quote | Chart | News | PowerRating -- Taiwan-invested property insurer Cathay Insurance Co., Ltd. started formal operation in east China's Shanghai from September 26.

With a registered capital of CNY 400 million, the entity is a 50-50 joint venture between Cathay Life Insurance Co., Ltd. and Cathay Century Insurance Co., Ltd., two wholly-owned subsidiaries of Taiwan conglomerate Cathay Financial Group. Focusing on Taiwanese companies, it plans to establish a foothold in the eaten Chinese metropolis first and then stretch out its reach to the nation's Yangtze Rive Delta, Pearl River Delta and Bohai Sea Area, a top executive with newborn said in an interview.

Sources said that Cathay Century Insurance planned to set up the property insurance unit in the mainland on its own at the beginning. However, it was not qualified in terms of total assets. So it made a decision to join force with its sister company Cathay Life, the biggest life insurance company in Taiwan by assets, finally.

From www.cnstock.com, Page 1, Saturday, September 27, 2008 info@SinoCast.Com

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