Regulators have approved an online insurance joint venture set up by Alibaba Group Holdings, Ping An Insurance (Group) Co. Ltd. and Tencent Holdings Ltd. (00700.HK), the Shanghai Securities News reported Monday, citing unnamed sources. Zhong An Online Property and Casualty Insurance Co. Ltd., headquartered in Shanghai’s Huangpu district, has 1 billion yuan (US$162.87 million) in registered capital. Alibaba is the JV’s biggest shareholder with a 19.9 percent stake, and Ping An and Tencent each hold 15 percent, with the remainder split among other six companies, it said. All products will be sold and all claims settled online. The venture’s major products will be related to internet transactions, such as credit guarantee insurance, cargo insurance as well as corporate and family property insurance, according to the report.
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