Price Forbes takes minority stake in Sino Insurance and Reinsurance Brokers
24 September 2019
Price Forbes announced yesterday that it has purchased a minority stake in Sino Insurance and Reinsurance Brokers.
Based in Hong Kong, Sino is a leading broker involved in the placement of insurance programmes for Chinese multinationals overseas. Its clients include some of the largest Chinese construction companies, where it specialises in Contractors All Risks (CAR) insurance projects.
The deal paves the way for Sino’s clients to access Price Forbes’ broad range of products and sector experts, and also builds on Price Forbes’ strategy to work closely with clients globally to support insurance placement regionally as well as in the London Market.
Price Forbes and Sino have worked together for over five years as members of the Worldwide Broker Network (WBN), a relationship which has enabled Price Forbes to develop strong relationships with Chinese insurers.
Price Forbes CEO James Masterton said: “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.”
Frank Liu, the founder and chairman of Sino, said: “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.
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.”