Price Forbes has purchased a minority stake in Sino Insurance and Reinsurance Brokers, the international insurance brokerage said in a statement.
The amount of shares and the transaction’s value were undisclosed.
Sino is a Hong Kong-based brokerage involved in the placement of insurance programmes for Chinese multinational businesses overseas, the statement said. Its clients include some of the largest Chinese construction companies, and it specialises in contractors all risks insurance projects.
According to Price Forbes, the deal paves the way for Sino’s clients to access its broad range of products and sector experts, and also builds on its strategy to work closely with clients globally, and to support insurance placement regionally as well as in the London market.
The two companies have worked together for over five years as members of the Worldwide Broker Network (WBN), which, according to Price Forbes, has helped it develop strong relationships with Chinese insurers.
“At a time of enormous investment by Chinese companies in construction projects around the globe, and the accelerated growth projected as a result of the Belt and Road and Greater Bay Area Initiatives, we are delighted to be working with a local partner with direct relationships with construction companies,” said Price Forbes CEO James Masterton.
“Price Forbes’ core mission to find solutions to complex risks that others find difficult makes them an ideal partner to fuel our growth ambitions as the premier broker for Chinese multinationals overseas,” added Frank Liu, founder and chairman of Sino.
“For a decade I have been impressed with the team’s deep product and technical expertise. We look forward to building on our close working relationship as partners.”