Introduction

China Everbright Limited (CEL) established Allied World Assurance Company, Ltd. (AWAC) in 2001, and on January 4, 2018, completed the acquisition of a controlling stake in British Virgin Island domiciled Protean Holdings Limited, which will become the new holding company of the AWAC Group.

About China Everbright Limited

China Everbright Limited (CEL) is a leading financial conglomerate in China, committed to creating extraordinary value for its investors, customers, employees, and society as a whole. Founded in 1997, CEL has become a diversified financial holding group with businesses in investment banking, asset management, direct investment, and wealth management. CEL has established a comprehensive financial service network with a wide range of products and services covering equity and debt capital markets, M&A advisory, securities brokerage, investment management, asset custody, and financing services.

About Allied World Assurance Company, Ltd.

Allied World Assurance Company, Ltd. (AWAC) is a global provider of property, casualty, and specialty insurance and reinsurance solutions. AWAC's diversified portfolio of products and services enables the company to serve a broad range of clients, including corporates, financial institutions, SMEs, and other insurance companies. AWAC has a strong financial profile, with ample liquidity, and excellent capitalization. AWAC's management team has deep industry expertise and a strong track record of success.

About Protean Holdings Limited

Protean Holdings Limited is a British Virgin Island domiciled holding company, which is expected to become the new holding company of the AWAC Group. Protean Holdings Limited will be held by China Everbright Limited and a consortium of other investors. The acquisition of Protean Holdings Limited marks an important milestone in China Everbright Limited's strategy of expanding its presence in the global insurance market.

China Everbright and AWAC Partnership

The partnership between China Everbright and AWAC is a strategic move by both companies to leverage their complementary strengths and expertise to achieve sustainable growth in the global insurance market. China Everbright will provide AWAC with access to its extensive network of relationships, knowledge of the Chinese market, and financial strength, while AWAC will enhance China Everbright's ability to provide comprehensive insurance solutions to its clients.

China Everbright's Expansion in the Global Insurance Market

China Everbright's acquisition of Protean Holdings Limited reflects its commitment to expanding its presence in the global insurance market. This acquisition is expected to provide China Everbright with access to AWAC’s global network of relationships, knowledge of the international insurance market, and underwriting expertise. The acquisition also enables China Everbright to accelerate the development of its cross-border financial services platform and enhance its ability to serve the growing demand for insurance products and services among Chinese individuals and businesses that operate globally.

Conclusion

China Everbright's acquisition of Protean Holdings Limited and partnership with AWAC demonstrate the company's commitment to expanding its presence in the global insurance market. The partnership between China Everbright and AWAC is expected to produce synergies that will benefit both companies and their clients. With the global insurance market poised for continued growth, China Everbright is well-positioned to take advantage of new opportunities and build a successful cross-border financial services platform.