China Cosco Shipping Corporation (Coscocs) has established a fully owned insurance unit, China Cosco Shipping Captive Insurance Company, in Shanghai today. The news follows hot on the heels of Cosco Shipping ditching its long-term insurance partner, London P&I.
Coscocs gained approval from China Insurance Regulatory Commission to set up the unit in December 2016.
The new insurance unit, which is the first shipping captive insurance company in China, will provide various insurance services for the affiliate companies of Coscocs.
Wan Min, general manager of Coscocs, said the establishment of the captive insurance company is an important milestone in the group’s strategy to expand financial services, and will create alternative income sources.