AIG former CEO come back carrying 350 million shares of public insurance

Wen Hu Jinhua Shanghai on China's insurance market for the bright lights of the United States before the AIG Group Chairman and CEO Maurice Greenberg, domestic insurance enterprises to invest again, and this time he founded United States history with the company StarrInternationalCo. choice of investment objects, is a public property insurance company headquartered in Shanghai. On May 5, this reporter learned from the related channel, this Office established in Shanghai in 2007 for the United States company, earlier this year formally finalized its investment in the country, history with a total investment of $ 1.5 per share price of $ 350 million of public insurance up to 20% shares, the related due diligence has been completed, and the specific equity participation programmes has been reported to the China insurance regulatory Commission last month, waiting for the reply. Recommended reading insurance weekly: variable amount annuity pilot started Beijing Shanghai five city first wins insurance enterprises violations promotions penalty 500,000 insurance ring "Wang yawei" emerge surface exaggerated income does not to risk silver insurance disputes constantly should first to family "pillar" Shang foot insurance regardless of from lost insurance is zehui Shi Qiming jointly immortal see disk build boutique lecture under related media description and this of understanding, actually early in last year fourth quarter, Greenberg on has on Shanghai this little of casualty company for had twice field investigation, and he of appetite more large, wanted to breath won 60% of equity, last by limited to policy, only get 20% of shares qualification, but history with company still became mass insurance of first large shareholders. Strong participation by this newspaper, in mass insurance after the original shareholders and Greenberg entered the in-depth communication, final history with both companies holding shares not more than 20%, and that negotiations had begun last year. "In the negotiations, Greenberg still is a strong style, he hoped that in terms of equity shares absolutely 60%. As a Shanghai State-owned financial enterprise, immediately transferred out of the stakes in so many, this is obviously impossible, and once foreign equity participation in more than 25%, the nature of the company will also change, this also conflicts and existing transfer policy, but after acquiring stakes in 20%, as the largest shareholder, Greenberg also hopes to achieve mass insurance business control. "On May 6, a person close to the popular insurance of anonymous told reporters. It is understood that history with the company prior to this as strategic investors a stake in the Guangdong Temple and biological medicine. "Greenberg is United States insurance of godfather, is he will AIG group from a market not of insurance company, after near 40 years of development, became international maximum of insurance group one, in he any Shang of last period, AIG stock of market over 170 billion dollars, however later occurs of AIG group falls apart has and he has nothing to do, Greenberg also is Shanghai of honors public, with Shanghai Municipal Government relationship has always been close. "Shanghai insurance market analysis of a senior person said. And as the history of changes in management or the company a strong intervention management is also bound to changes of public insurance. On the 5th, the news broke, the public insurance General Manager Chen Fang has submitted his resignation of the Board from the company, they will be transferred to the Pacific (601,099, unit) Director of casualty claims. "Now companies are for new personnel adjustments, with the entry of new shareholders, management of change is in the affirmative. "A head of public insurance, in the case told reporters, but he did not disclose how big is the management will change. But for the history of the company shares of public insurance reasons, China Everbright securities (601,788, unit) prior to this, there are research and analysis that is the future of property insurance market will continue to profit, but entirely possible restart listed public insurance plans, public insurance in 2010 has been achieving profit. Also has industry persons analysis pointed out that, mass insurance to implementation continued profit and listed, is not a easy of things, mass insurance opened 14 years, currently only in Shanghai, and Jiangsu, and Zhejiang, East five province a city established branch institutions, also not a national of casualty company, and it to expanded business, is must established more of branch, so, originally of profit may again became losses, for shareholders,, on must increased registered capital, history with holds 20% of equity also is too less, it also wanted to by yihou further of increased funded spread Unit completed more of holding right, but listed also is a is distant of target.