FP announces investment into Shanghai-based HY Insurance Brokers
Tagged: China, HY Marine Risks, marine insurance, marine insurance brokers, press release, Shanghai
Hong Kong and Shanghai, 9 May 2012: It was announced today that Hong Kong-headquartered Lloyd’s broker, FP Marine Risks, has received approval for an investment into Shanghai-based HY Insurance Brokers. Both companies are specialist marine insurance brokers.
Following the investment, HY will change its name to HY Marine Risks to further emphasize the close working relationship between the two companies.
FP Marine Risks’ shareholding in HY Marine Risks will allow the company to provide its full range of marine insurance products to clients in the PRC, whilst simultaneously offering HY Marine Risks the backing, expertise and experience of an international, specialist Lloyd’s broker.
Philip Bilney, Group Executive Director of FP Marine Risks says: “This is an exciting day in the FP story. China is in our DNA, so to be able to work closely with Peter Gao and the HY team to take our unique combination of focused marine insurance products and cutting-edge web-based technology into the mainland market is of enormous significance. We can’t wait to get started.”
HY’s core market is the freight forwarding and logistics industry. FP’s online marine insurance programmes already operate successfully in the international freight forwarding and logistics sector, therefore HY’s clients will immediately see the benefits of these web-based systems.
Peter Gao, Managing Director of HY says: “We have been working at arm’s length with the FP team for some time and are now looking forward to a much closer association with the company, bringing a fresh approach to our clients in terms of international exposure and a modern way of doing business.”
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