Travelsky takes stake in China Merchants’ new insurance arms
Travelsky announced that it would make two investments of RMB 875 million each to take 17.5% shares from each of the two new China Merchants Group subsidiaries, CMRH Life and CMRH P&C
China’s GDS service provider Travelsky announced on May 20 that it had entered into agreements with two China Merchants Group subsidiaries, CMRH Life and CMRH P&C, to acquire 17.5% shares of each of the two companies for RMB 875 million apiece.
Travelsky is a dominant provider of information technology solutions for China’s air travel industry, providing services related to air travel information technology, distribution information technology, as well as clearing and accounting and settlement for local and overseas airline companies.
It is stated in the Travelsky’s announcement that CMRH Life, to be established in China, offers a range of insurance covering general life and annuity, health, accident, as well as dividend generating insurance, universal insurance and reinsurance of such insurances.
CMRH P&C, also to be established in China, primarily offers insurance plans for motor vehicle (including compulsory traffic accident liability insurance for motor vehicles and motor vehicle commercial insurance), enterprise/household property and construction work insurance (excluding special risks), public liability, hull/cargo, short-term health and accident and reinsurance of such insurances.
Travelsky said in the statement that the company believed that its participation in establishing CMRH Life and CMRH P&C would bring substantial gains to the company and would be a sound investment. (Translated by Jerry)