June 11 - Sanpower Group holding Shanghai Tongren Insurance Brokers Co., Ltd. (Tongren Insurance Brokers) and Starr Property & Casualty Insurance (China) Company Limited (Starr Property & Casualty Insurance) signed a strategic cooperation framework agreement at Sanpower Group's headquarters, and the two sides will realise all-round cooperation by integrating strengths and sharing resources. Witnessed by Senior Vice President of Sanpower Group Yue Lei and Vice President of Starr Property & Casualty Insurance Asia Xu Jianwei, General Manager of Tongren Insurance Brokers Zhang Yiping and General Manager of Starr Property & Casualty Insurance Liang Ming signed the cooperation agreement. The signing ceremony was presided over by Hu Leiyong, Director of the Group's Public Relations and Administration Centre.

Senior Vice President of Sanpower Group Yue Lei addressed the speech

Tongren Insurance Brokers is a national joint-stock insurance company established upon the approval of China Insurance Regulatory Commission (CIRC). Headquartered in Shanghai, the company runs property and casualty, life insurance, reinsurance broking and risk management consulting businesses across the nation. With its industry-leading services and technology, the company has provided quality insurance brokerage services for large domestic and foreign enterprises including House of Fraser, Jiangsu Shagang Group, Baosteel Group Corporation, Aoyang Group, Nanjing Cenbest, etc. In 2014, Sanpower Group acquired Tongren Insurance Brokers.

Since last year, Sanpower Group has launched a series of overseas investment and acquisition, and by relying on Sanpower Group's overseas business resources, Tongren Insurance Brokers is also actively expanding its overseas M&A activities. Bolstered by SATRR Companies' time-honoured history and worldwide service resources, Starr Property & Casualty Insurance is familiar with the operation rules of international insurance. Through establishing full cooperation for advantage integration and resources sharing on the basis of equality and reciprocity, the two sides will constantly upgrade their value and build a win-win situation.

Vice President of Starr Property & Casualty Insurance Asia Xu Jianwei addressed the speech

In his speech, Xu Jianwei briefly reviewed the history of STARR Companies, which has close tie with China. As early as 1919, Mr. Starr founded an insurance company in Shanghai, and returned to New York in 1939 for new developments. In 1960, Mr. Maurice R. Greenberg--the "Godfather" of international "insurance" Godfather--joined Starr and created brilliant achievements for it. After being put in charge of SATRR, Greenberg set up American International Group (AIG) and had it listed. During his 40-year service in AIG as Chairman and Chief Executive Officer, Greenberg has developed AIG from a small company into the world's largest insurance empire, with STARR Companies becoming the largest single shareholder in AIG's history. Absent from China for 70 years, Starr Property & Casualty Insurance set foot on the Chinese market once again in 2008. After prudent research, it invested in Dazhong Insurance in 2011 and achieved absolute control of the latter in 2013, renaming it as Starr Property & Casualty Insurance. Xu Jianwei noted that STARR is quite optimistic about the prospects of China market, and that the agreement between Starr Property & Casualty Insurance and Tongren Insurance Brokers merely marked the first step in the cooperation between STARR and Sanpower Group. He hoped that based on this, the two groups will expand more cooperation opportunities on the international stage.

The two sides successfully signed the agreement

Senior Vice President of Sanpower Group Yue Lei commented that good timing pales before geographic convenience, while the latter is dwarfed by good human relations. Currently, Sanpower Group is accelerating its overseas development in full swing, with its five industries advancing steadily and robustly in China. Sanpower Group executives highly evaluated and recognised the cooperation, believing that with the cooperation, the two sides will hopefully achieve the effects that exceed their expectations.