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Chinese express operator ZTO has joined a seven-member consortium to establish a logistics insurer. ZTO, together with STO Express, Yunda Holding, Guangzhou Baogong International Freight Agency, Jiangxi Financial Holding, Shandong Jingjin and Shanghai YTO, will provide the insurer with roughly Rmb1bn ($151m) of capital. Approximately Rmb160m will come from ZTO, which will take a 16% stake in the outfit.
The move follows the rapid expansion of China’s express sector, but which still suffers from a lack of tailored insurance products. The insurer, still in the preliminary stages of establishment and subject to government approval, is expected to offer a wide variety of customised products including transportation, property, vehicles, liability and accident insurance.