First captive insurer in China to launch this year
In a sign of growing sophistication in the Chinese market, Beijing-based oil and gas producer China National Petroleum and subsidiary Petro China are jointly developing a captive insurer.
According to AM Best, the captive will have registered capital of 5bn yuan ($804m) and be based in Karamay City, in the Xinjian Uyghur Autonomous Region which has a large amount of oil and gas
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