COSCO Shipping Captive Insurance Co, China's first shipping captive insurance company, announces its official opening at the China (Shanghai) Free Trade Zone in the city's Pudong New Area on Feb 17. [Photo/ WeChat account: lujiazuijrc]

COSCO Shipping Captive Insurance Co, China's first shipping captive insurance company, declared its official opening at the China (Shanghai) Free Trade Zone in the city’s Pudong New Area on Feb 17.

With 2 billion yuan ($291 million) in registered capital, the new company is the first financial arm of China COSCO Shipping Corp. It will provide COSCO Shipping and its subsidiaries with a wide range of insurance services covering property loss insurance, liability insurance, credit insurance, guarantee insurance, short-term health insurance, and accident insurance.

The launch of the company is considered a vital move in the development of COSCO Shipping into a conglomerate that integrates shipping, logistics, and related financial services.