June 8, 2020 / 6:18 AM / a month ago

Munich Re's Ergo to take stake in China's Taishan insurance

MUNICH (Reuters) - Munich Re’s (MUVGn.DE) Ergo unit is entering China’s property and casualty insurance market with a 24.9% stake in Taishan Property & Casualty Insurance Co through a capital increase, the German insurance company said on Monday.

The investment rounds out the German insurer’s portfolio in the world’s second-largest economy.

“We could imagine increasing our stake in the future,” ERGO China chief executive Juergen Schmitz told Reuters.

Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Michelle Martin

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