DavidShield enters China insurance market

CEO Alon Ketzef: "For us, the scale is great. The numbers here are very, very ambitious.

DavidShield is taking the first step into China by an Israeli insurance company. Owned by chairman Gad Hiltron and CEO Alon Ketzef, DavidShield has hooked up with People's Insurance Company of China (PICC), a government company. DavidShield will receive exclusivity to provide relocation insurance and international travel services for Chinese citizens travelling abroad.

At a ceremony in Beijing yesterday, DavidShield and PICC - Property and Casualty Company Ltd. signed a ten-year cooperation agreement via a joint venture, which will be called PICC-Global Doctor, in which DavidShield will own 50%. PICC-Global Doctor will launch a pilot in Beijing through 2012, after which the companies plan to expand it throughout China, subject to expenses.

For DavidShield, the joint venture, if successful, could be a great leap forward. "For us, the scale is great. The numbers here are very, very ambitious," Ketzef said today.

The agreement will provide an insurance solution for three target segments in China: relocation insurance for government and company employees who reside outside China; the establishment of Chinese-speaking health and medical services for Chinese contractors working in other countries; and international travel insurance for Chinese tourists.

Published by Globes [online], Israel business news - www.globes-online.com - on September 3, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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