China Taiping Teamed Up Starr Companies Speeding Up Global Expansion
China Taiping has deepen its global footprint by taking a step closer to establish an insurance company and an insurance agency in North America. China Taiping and Starr Companies signed cooperation agreement, setting up Taiping-Starr Holdings LLC, and exploring non-life insurance businesses of Chinese Enterprises in North America.
At the same time, China Taiping set up an overseas investment fund with Kaiyuan City Development Funds and Hopu Investment Management. The fund is going to work with the New York developers Fisher Brother and Witkoff to invest in Tribeca 111 Project, which is located in the core area of Manhattan, New York at approximately USD 800 million (GBP 526 million). Blackstone Group will provide the project loans.
China Taiping Stock News
21 April 2015, Hong Kong - A number of largest banks recently raised target price of China Taiping (HK00966). Credit Suisse raised the target price to HKD 40 per share. Bank of America Merrill Lynch reported China Taiping 2014 results were better-than-expected as China Taiping was the best performing stock among other mainland domiciled insurance companies listed in Hong Kong and the market and investors remain optimistic.
The closing price on the 17th April was HKD 33 per share, which meant China Taiping market cap reached HKD 102.5 billion (GBP 8.69 billion).
China Taiping UK launches Schengen Emergency Medical Insurance
China Taiping UK is pleased to launch Schengen Emergency Medical Insurance product with effect from 7 April 2015. The online sales platform is developed in partnership with David Oliver Associates, will cover travellers’ emergency medical needs in Schengen Zone.
To get quote and insured, simply buy it online now.
China Taiping UK joined the crowd in Trafalgar Square celebrating Chinese New Year
The Chinese Year of the Sheep took place on 19th February 2015, and London’s Chinese community celebrated the festival on the Sunday 22th February in Trafalgar Square. Ms Yuanping Qiu, Director of Overseas Chinese Affairs Office of the State Council, His Excellency Mr Xiaoming Liu and wife, Mr Stephen Greenhalgh, Deputy Mayor of London, Mr Audrey Lewis, Councillor of Westminster, Mr Mark Field, MP for Cities of London and Westminster and Mr CT Tang OBE LCCA Chairman and President and a number of guests attended the event.
Mr Jinhai Geng, CEO of China Taiping UK and a number of staff participated the event celebrating Chinese New Year and promoting the business to the crowd in Trafalgar Square.
China Taiping UK Marketing Campaign
China Taiping UK has launched several insurance advertisement campaigns which aim to attract potential brokers and direct customers in the European insurance market and to strengthen the brand of China Taiping.
Full page advert will appear in Sing Tao Daily Spring Festival Special Edition targeting local Chinese communities.
A quarter page of advert will appear on Insurance Age throughout 2015 targeting around 15,000 subscribed brokers and 40,000 regular readers.
Additionally, we will be participating the Chinese New Year celebrations in Trafalgar Square, promoting our business and brand through outdoor LED big-screen advertisement.
China Taiping and Fosun Group signed strategic partnership agreement
On 22nd January 2015, China Taiping and Fosun Group have formed a strategic partnership. Both sides are looking to strengthen and deepen cooperation in commercial property insurance, employee benefits insurance, pension, investment and financing and overseas business. According to the agreement, the collaboration will see both sides sharing complementary business resources and exploring China and overseas market opportunities.
China Taiping General Manager Li Jinfu, Deputy General Manager Peng Wei and Assistant to General Manager Jiao Yan Jun and Fosun Group Vice Chairman Liang Xinjun and CFO Ding Guo Qi attended the opening ceremony.
Fosun Group was founded in 1992 in Shanghai. Its parent company Fosun International (00656.HK) is a listed company on Hong Kong Stock Exchange. It is among top 100 of Fortune 500 of China after Sinopec, PetroChina, China State Construction Engineering and Lenovo. Fosun has established four business platforms comprising insurance, industrial investment, strategic investment and asset management.
China Taiping and CEFC China signed strategic cooperation agreement
On 21st January 2015, the two sides agreed to develop businesses in insurance, investment and financing and overseas market. Prior to this, China Taiping and CEFC China have been collaborating on projects such as Shanghai Global Buyout Fund and Shanghai Financial Asset Exchange.
China Taiping Chairman Wang Bin, Deputy General Manager Peng Wei, Assistant to General Manager Jiao Yan Jun, CFO Li Tao and CEFC China Chairman Ye Jian Ming and the fellow business leaders presented the signing ceremony.
CEFC China is a Fortune 500 company with a total workforce of 20,000. Regional subsidiaries and offices are operating across the globe, including the US, the UK, Canada, Mexico, Russia, the UAE, Indonesia, Singapore, Albania, South Korea, Japan, Taiwan and Hong Kong. CEFC China work in strategic partnership with multiple state-owned petroleum corporations in Latin America, the Middle East, Central Asia and South Europe, to build commercial storage and transhipment stations overseas for petrochemical products and participate in oil and gas exploitation in the Middle East, Central Asia and other regions. CEFC China own a securities company, a finance company and a financial asset company, purchasing or controlling shares in such financial institutions as trust, insurance and banks. CEFC China is also a co-founder of Bank of Hainan.
China Taiping announced Strategic Partnership with Xinxing Cathay International Group
On 13th September 2014, China Taiping [0966.HK] announced that a strategic partnership agreement was signed with Xinxing Cathay International Group. Both companies are looking to cooperate and strengthen their business ties in Pension, Insurance, Investment, Financing, Offshore services and other related industries. Wang Bin, chairman of China Taiping and Liu Ming, the chairman and Sha Ming, the general manager of Xinxing Cathay International attended the signing ceremony.
Xinxing Cathay International Group is a state-owned corporation dealing with assets management, capital operation and production management. It has been included in Fortune Global 500 for three consecutive years.
Xinxing Cathay International Group has main growth platforms in metal smelting and processing, textile and clothing, special equipment making and commercial logistics.
China Taiping, the sponsor of 2014 Shanghai International Marathon
The signing ceremony was held on 16th September 2014, China Taiping and Shanghai Municipal Sports Bureau have come to an agreement to sponsor accident insurance to all athletes, staff and spectators during 2014 Shanghai International Marathon, which will take place on 2nd November 2014. Total indemnity cover for this event is RMB 50 billion Yuan ($8.2 billion US dollars).
A.M. Best Assigns Ratings to China Taiping Insurance (UK) Company Limited
On 10th March 2014, London - A.M. Best has assigned a financial strength rating of B++ (Good) and an issuer credit rating of "bbb" to China Taiping Insurance (UK) Company Limited (CTIUK) (United Kingdom). The outlook assigned to both ratings is stable.
The ratings reflect CTIUK's improving operating performance and good risk-adjusted capitalisation. The ratings also take into account the company's niche business profile and strong links with its ultimate parent, state-owned China Taiping Insurance Group Ltd. (China Taiping) (China).
CTIUK is a niche insurer catering predominantly to the needs of the Chinese communities established in the United Kingdom and a select number of other European countries. The company mainly operates in the retail market, targeting restaurants, takeaway outlets and shops. However, it has been diversifying its business profile by writing more commercial combined policies in 2013. In addition to this, CTIUK's recent acquisition of several new broker partners should bolster premium growth in 2014. While CTIUK only accounts for a small proportion of China Taiping's consolidated revenue, it benefits from the group's brand recognition as well as investment and reinsurance support.
Despite CTIUK's volatile earnings in the past, its profit before tax has improved in the last couple of years. This was driven by a more stable underwriting performance following the cancellation of loss-making professional indemnity business and recovering investment results. Going forward, the company is targeting a profit in the range of GBP 1.5-2 million per year, but profit margins are expected to remain constrained by high acquisition expenses.
CTIUK's risk-adjusted capitalisation has been improving in recent years as a result of lower exposure to equity investments, relatively stable net written premium and increasing retained earnings. Going forward, the balance sheet strength is expected to remain supportive of the current ratings, despite the strong premium growth anticipated in 2014.
Positive rating actions could occur for CTIUK if, over the next few years, it consistently improves its underwriting results while maintaining adequate risk-adjusted capitalisation. Negative rating actions could occur as a result of excessive growth leading to a significant deterioration of earnings or risk-adjusted capitalisation.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
This rating announcement has been issued by A.M. Best Europe - Rating Services Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.
China Taiping Insurance (UK) Co Ltd attends Coversure Conference & Exhibition 2014
The Coversure Conference & Exhibition was held in Beaumont Estate, Old Windor, on 1st March 2014. More than 40 UK insurance companies have attended this annual exhibition including BIBA (British Insurance Brokers’ Association) and China Taiping Insurance (UK) Co Ltd. This networking event was a great opportunity to promote China Taiping’s new product lines to existing supportive organisations and potential new business opportunities.
2013 West-Midlands Chinese Entrepreneurs and Overseas Financial Information Forum held in Birmingham
On 6th June 2013, West-Midlands Chinese Entrepreneurs and Overseas Financial Information Forum organised by Bank of China (UK) Limited, China Taiping Insurance (UK) Co Ltd and HBJ RunHe (Trading Division of Gateley (Scotland) LLP) was held in Birmingham.
This Forum focused on the banking, insurance and legal issues for the Chinese Entrepreneurs and Overseas in West-Midlands. Minister Counsellor Zhou Xiaoming and counsellor of Birmingham Peter D Osborn were present at the forum. There were over 60 representatives attending this forum, including Birmingham Chinese Society, UK Young Chinese Entrepreneur Association, SAIC Motor UK Technical Centre Limited, The London Taxi Company, Huawei Technologies (UK) Co., Ltd, NVC Lighting Limited and other representatives of Chinese Entrepreneurs and Overseas.
Chinese investment in West-Midlands has increased in recent years. There are more and more Chinese entrepreneurs and Chinese overseas individuals who are eager to gain professional knowledge in financial aspect, which is the reason for the forums’ success. This forum not only provided an opportunity to meet and communicate with other entrepreneurs and professionals for the Chinese entrepreneurs and overseas in West-Midlands, but also helped China Taiping to build stronger cooperation and relationships with other entrepreneurs.
China Taiping (UK) been entitled as the Lead Coordinator of the so far the largest Chinese enterprise’s real estate investment’ insurance business arrangement in the UK
On 29th of May, London Mayor Boris Johnson has officially signed the contract with the Chairman of ABP China Holding Group Mr. Xu Weiping a £1bn project at London’s Royal Albert Docklands site. The project aims at creating a Chinese Business District at the area in what is hoped will lead to a revival of the local area. Chinese Ambassador Mr. Liu Xiaoming attended the signing ceremony as well.
This project is by far the largest investment of Chinese enterprises in the UK. During the ceremony, Mr. Geng Jinhai, the CEO of China Taiping (UK) Co., Ltd and Mr. Xu weiping, the Chairman of ABP China Holding Group has approached to an important consensus. Mr. Xu emphasis that, there are many insurance companies, brokers and agents were compete for the insurance business of this project, however, after careful consideration, the decision has been made that they will choose China Taiping (UK) as the lead coordinator of project insurance arrangements. Bilateral cooperation has also been affirmed and supported by the Chinese Ambassador Mr. Liu Xiaoming.
Since the end of last year, the management team of China Taiping Insurance had numerous contacts and communication with ABP China Holding Group, the two sides established a good basis of trust! Recently, China Taiping Insurance (UK) has officially signed the Memorandum of Understanding with ABP China Holding Group, which represents that the co-operation of the two has officially stepped into another level! It has been estimated that, China Taiping will soon be the underwriting this project’s first insurance business!
China Taiping Insurance (UK) Co Ltd relocated to its new City of London office
In December 2012, with the support and backing of China Taiping Group’s Management team, China Taiping (UK) purchased its own office building in the City of London. The subsequent five months saw an intensive period of bidding, design, construction and decoration project taking place at our new office. The project was successfully completed on time and China Taiping (UK) relocated to its new City of London office on 23 May 2013.
The City of London is the preferred location for thousands of financial institutions specialising in banking, securities, foreign exchange, insurance, futures, metals, commodities and derivatives brokers. It can be said that the City of London hosts the centre of the global economy.
China Taiping (UK)'s relocation highlights the company's involvement in global finance and symbolises a new beginning in its future development.
Please be informed that China Taipng Insurance (UK) Co Ltd will be relocating to the following new business address on 23 May 2013:
All clients are kindly advised to make note of this change.
We would like to thank you for your support and look forward to continuing our successful collaborations in the future.
China Taiping will join the One Year Countdown Ceremony of the 2014 Qing Dao International Horticultural Exposition.
On 25 April 2013, the 2014 Qing Dao International Horticultural Exposition One Year Countdown Ceremony will take place at the Qing Dao Wusi Sqaure. China Taiping joined the organiser at the Countdown Ceremony as the sole global partner.
This February, supported by a strong brand name and excellent client services, China Taiping outshined all other competitors in the bidding process and became the only official global partner with the 2014 Qing Dao International Horticultural Exposition. China Taiping will provide comprehensive liability insurance, asset insurance, equipment liability insurance, visitor personal injuries insurance and other appertaining insurances to the Exposition, amounting to total insurance liabilities of over 5 billion yuan (RMB). The 2014 Qing Dao International Horticultural Exposition is sanctioned by the International Association of Horticultural Producers (AIPH) and is a global horticultural event, this is the ‘Olympic’ event in global horticulture and horticultural science.
Employer Reference Numbers (ERN) Exempt or Not!
It is necessary for all businesses that hold Employers Liability insurance to advise their insurer of their Employers Reference Number (ERN).
Please take action now if you have not already done so!
The Employers Liability Tracing Office (ELTO) aims to assist the insurance industry meet its obligations by aiding those who have suffered injury or disease in the workplace by effectively and efficiently tracing the relevant Insurer.
To do so ELTO have created a central database whose function is to store certain policy information of all businesses that hold EL Insurance.
Insurers are required to submit to the database policy information in respect of new and renewed EL insurance policies and the database is available for claimants to search for their EL Insurer.
This is the Employer Reference Number (ERN).
The ERN is commonly referred to as 'Employer PAYE Reference'.
This number is specific to all Businesses that employ staff who are individually paid a salary at the lower end of the scale.
The ERN can be obtained from HMRC documentation such as, P35, P60 and P11D.
A small number of businesses may be exempt from holding an ERN and generally this will be only in cases where the employer pays their employees a fairly minimal sum each month. Your support is vital in helping to build this Database so if you have not already done so please forward to us as a matter of urgency your policyholders ERN's as otherwise, it may not be possible for us to provide Employers Liability insurance !
FSA became PRA and FCA
From the 1st April 2013 the regulation of financial services in the UK has changed. The Financial Services Authority (FSA) has been replaced by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).
Financial Conduct Authority (FCA), responsible for conduct regulation essentially relates to the selling, management and handling of investments by firms to or for investors, is the UK financial services regulator responsible for the conduct of all firms currently regulated by the FSA (including those subject to supervision by the PRA). It will also be responsible for prudential regulation of smaller firms that do not fall under the PRA’s jurisdiction, so smaller firms will only have one regulator.
Prudential Regulation Authority (PRA) is responsible for the prudential regulation of capital-intensive firms, including banks, insurers and certain investment firms. These firms are dual-regulated firms because, while the PRA regulates prudential issues, the FCA acts as the conduct regulator.
China Taiping has donated 10 million yuan (RMB) to victims of the recent Sichuan earthquake, China.
On 20 April morning, an earthquake of 7 magnitude was recorded in the Ya-An district of Sichuan Province, China. After learning this tragic event, China Taiping Insurance Corporation immediately made an urgent donation of 10 million yuan (RMB) to the disaster zone, which comprised 5 million yuan cash donation and 5 million yuan equivalent of emergency supplies and rescue materials; meanwhile, China Taiping swiftly implemented emergency rescue plans and offered all earthquake victims non-policy insurance compensation.