The Bao Minh Insurance Joint Stock Company on September 4 signed an agreement with Federal Insurance Company (Labuan), a wholly owned subsidiary of US-based insurance giant – Chubb Corporation, to offer speciality liability insurance inside Viet Nam.
Under the agreement, Bao Minh, one of the country’s major insurance players will provide speciality liability insurance products for securities companies and management liability insurance products for companies listed at local bourses.
For its part, Chubb Corporation will offer technical training and cooperate in the area of reinsurance to help Bao Minh introduce the products to the market.
The two partners will also hook up to update local businesses on advanced business management skills to successfully operate within the World Trade Organisation (WTO).
The partnership will help Bao Minh diversify its liability insurance products and prevent businesses from management and financial risks, according to Tran Vinh Duc, the company’s Chief Executive Officer.
Senior Vice President and Managing Director of Chubb Corporation for Asia-Pacific Region, Michael J. Cassella, said that through the partnership, the corporation has made a firm commitment to Vietnamese businesses.
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This is going to benefit the vietnames industry at a broader and larger level. inssurace should boom from this
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