ACE Limited has announced that the ACE Group has entered into a strategic business partnership with Huatai Insurance Company of China.
Both companies will join forces for a stake in China's rapidly growing property and casualty market.
Huatai chairman Wang Zi Mu said: "This is the first example in the history of China's property insurance industry that a foreign insurer has taken such a large shareholding in a Chinese insurance company.
"I believe that Huatai will become a stronger and more diversified company because of our strategic co-operation with ACE."
