Hong Kong and Shanghai – 08 July 2021: PING AN P&C and FUSION Specialty (“FUSION”), a Managing Underwriting Agency platform, have launched a Strategic Partnership & Cooperation Agreement to provide warranties and indemnities (“W&I”) insurance solutions for mergers and acquisitions (“M&A”) transactions in the People’s Republic of China (“PRC”) and Hong Kong.
PING AN P&C and FUSION offer Private Equity and Corporate Insureds the benefits of admitted insurance paper and capacity, the highest rated reinsurance capacity, and local underwriting expertise and claims capabilities in the PRC and Hong Kong.
PING AN P&C is uniquely positioned to deliver an admitted W&I policy form that is pre-approved by the CBIRC under the provisions of the Insurance Law of the PRC.
Under the partnership agreement:
David Rogers and Killian McDermott, FUSION’s Co-founders & Executive Partners commented: “We are delighted to have launched this unique W&I partnership with PING AN P&C. Our Teams know each other well over a number of years now and we are very confident that the combination of PING AN P&C’s leadership position, extensive network, local knowledge and admitted paper and capacity in the PRC; aligned with FUSION’s W&I expertise, experience and partnerships with the highest rated re/insurance capacity, position us to deliver a market leading W&I insurance offering for Insureds, advisors and brokers in the PRC and Hong Kong M&A markets.”
Hong Kong: Killian McDermott +852 5790 2731 [email protected]
Australia: David Rogers +61 478 057 297 [email protected]
Ping An P&C:
Mainland China: Lok Sham +86 156 0177 1271 [email protected]
Mainland China: Johnson Ren +86 135 1087 9565 [email protected]
FUSION, as a subsidiary of POP International Holdings Pty Ltd. (“POP”), is building a leading international specialist SME insurance Group, which through expertise, partnerships and data & technology solutions, is delivering a better insurance experience and greater efficiencies across the insurance value chain.
POP’s current investments include FUSION, a Specialty MGA Platform to support expert insurance sector entrepreneurs, as well as leading re/insurers to build niche specialty / specialist insurance businesses. FUSION has licensed MGAs in Australia, Hong Kong, Singapore and the USA; and is a coverholder at Lloyd’s. FUSION’s M&A MGA is already a leading M&A insurance provider across APAC. Fusion has also recently launched the FUSION Financial Lines MGA. Its co-founders have in addition launched an InsurTech business called POPai Holdings, with investments in (2) io.insure, a specialty insurance online marketplace that is launching SME W&I and SME financial lines products in quarter 3, 2021; and (3) POPai, a data intelligence platform, delivering applied AI and machine learning based solutions in the M&A and specialty insurance verticals.
“POP” stands for: (1) “Power of People” – enabling stakeholders to live their potential; and (2) “Power of Protection” – high quality products and underwriting, focused on our clients and delivering on our promises; and (3) “Power of Partnerships” – building a new specialist insurance ecosystem, through partnerships between clients, MGAs, re/insurers, advisors, distributors, technology, marketing and services companies.
The co-founders of POP and FUSION are Killian McDermott and David Rogers, who have over fifty five years’ collective experience and a successful track record of building profitable M&A, specialty, structured and affinity; and data and technology enabled insurance businesses in APAC, the USA, Europe and Latam.
About Ping An P&C
Ping An Insurance (Group) Company of China, Ltd., is one of the largest financial services companies in the world, with over 200 million retail customers and 574 million Internet users as of June 30, 2019.
Ping An focuses on three core financial businesses of insurance, banking and investment. The Group also has fintech and healthtech businesses delivered through companies including Lufax Holding, an online wealth management platform, OneConnect, a fintech service cloud platform for financial institutions and Ping An Good Doctor, a one-stop healthcare ecosystem platform.
Ping An provides financial products and services under an integrated financial business model of “one customer, multiple products, and one-stop services.”
As China’s first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The Company is listed on the stock exchanges in Hong Kong and Shanghai, China.
Ping An ranked 7th on the Forbes Global 2000 list and 29th on the Fortune Global 500 list.