The Bohai Property Insurance Joint Stock Co., Ltd., the first national property insurance company headquartered in Tianjin, started operation on October 18.

The new property insurance company, with a registered capital of 550 million yuan, is jointly founded by the Tianjin TEDA Investment Holding Co., Ltd., the Jsinlien (Tianjin) Investment Trade Co., Ltd., the Northern International Trust and Investment Joint Stock Co., Ltd., the Tianjin Bonded Zone Investment Co., Ltd., and the Tianjin TEDA Group Co., Ltd. and the five founders each take a 20 per cent stake.

Bohai Property Insurance will engage in all kinds of property insurance, liability insurance, insurance of credit guarantee, short-term accident injury insurance, short-term health insurance in Renminbi and foreign currencies and the re-insurance of above-mentioned insurances approved by the China Insurance Regulatory Commission.

Bohai Property Insurance plans to set up 4-5 branches in the Bohai Sea Rim area by 2006 and open branches in other central cities of the country starting from 2007, said Wang Jiandong, general manager of the company.

Tianjin has been devoted to strengthening the regional financial service function over the past few years, and the operation of Bohai Property Insurance will help the city improve its financial service system and develop the finance industry, and even boost the forming and development of Tianjin as a northern economic center, according to analysts.

It is learned that upon the heels of Bohai Property Insurance, Bohai Bank, a national commercial bank headquartered in Tianjin will open business next February, and the Bohai Industry Investment Fund will be founded in the near future.

(For more biz stories, please visit Industry Updates)