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Chubb, China's PICC Property & Casualty Co. enter strategic agreement

Chubb Ltd. and PICC Property & Casualty Co. Ltd., a major Chinese insurer, have entered a 10-year strategic cooperation agreement.

Under the agreement, the companies will establish "China desks" for Chinese-affiliated enterprises in Chubb's global offices, and Chubb will make its global insurance capabilities available to PICC and its customers.

Chubb said the agreement will leverage its global capabilities to support PICC's customers and other Chinese-affiliated companies around the world in line with the Chinese government's "Going Out" and "One Belt One Road" initiatives, which China is pursuing to raise foreign investment in the country and develop a stronger trading network in Asia.