Dah Sing, CGU to form joint venture

Dah Sing Financial Holdings is to team up with CGU, the company formed from the recent merger of British insurers Commercial Union and General Accident, to set up a general insurance joint venture.

The pair are forming Dah Sing General Insurance as a multi-line general insurer to operate in Hong Kong and, when permitted, the mainland. It will be owned 51 per cent by Dah Sing.

The two companies said yesterday it would help develop the 'bancassurance' concept successfully created within Dah Sing through its life insurance subsidiary, Dah Sing Life.

CGU executive director Peter Ward said bancassurance would become a core distribution for insurance services in Asia.