FSG, Ping An Insurance launch new insurance division
Frontier Services Group (FSG) has launched a new insurance division through cooperation with Ping An Property & Casualty Insurance Company of China (Ping An).
FSG and Ping An reached a strategic framework agreement to develop innovative insurance products and services on 16 December, 2016.
FSG and Ping An will focus on supporting clients operating along the One Belt One Road ("OBOR") region. The new offer will provide clients with innovative insurance products and services covering the unique risks associated with frontier markets.
This framework agreement is the first for FSG's new Insurance Division. FSG will partner with leading insurance firms in China to bring clients customized insurance solutions.
As a leading security services and logistics company, FSG's is uniquely positioned to change the reactive approach of firms operating in complex environments with comprehensive insurance products that help clients manage and mitigate risks.
The new partnership will provide global insurance solutions to protect clients from all eventualities, minimize their impact and enable companies operating in support of the OBOR initiative.
Frontier Services Group chairman Erik Prince said: "FSG's new framework agreement with Ping An marks the beginning of our Insurance Division. Ping An's reputation as a leading insurance company in China indicates the scale of the project and we are proud to be working with them.
“FSG protects our client's people, goods and equipment across air, sea and ground. Our new insurance division will now allow us to provide more comprehensive support."
FSG CEO Dr. Dongyi Hua said: "The new Insurance Division allows FSG to better support our clients' One Belt One Road projects. These new insurance products will allow clients to manage risks allowing` them to focus on meeting their project milestones on time and under budget".
FSG corporate development and strategy head David Whittingham said: "FSG protects its clients' interests, allowing them to move people and material safely and efficiently across the most challenging terrains. Working with partners like Ping An will mean that we can now offer a more comprehensive service to our clients' One Belt One Road initiatives."
Source: Company Press Release