Date
17 July 2018

Ningbo Port launches shipping-focused insurance firm, paper says

Ningbo Port Co., Ltd. (601018.CN) said it will team up with Shanghai International Port Group Co., Ltd. (600018.CN) and the People’s Insurance Company of China (PICC) to set up a professional insurance company specializing in the shipping and port services sector, National Business Daily reported Thursday. The new insurance company, the first of its kind in China, will have 1 billion yuan (US$163.9 million) in registered capital, with PICC owning a 40 percent stake with 400 million yuan, and Ningbo Port’s subsidiary and parent company each holding a 20 percent stake. Shanghai International Port will take the remaining 20 percent, the report said.

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