SUNSHINE P&C TO SET UP HOLDING COMPANY

China-based insurer Sunshine P&C is to establish a holding company in preparation for its move into the life assurance sector, according to multiple Chinese reports. The new holding operation, Sunshine Insurance Holding Co, will be owned by the shareholders of the P&C operation, plus new strategic investors. The P&C operation will be joined by a newly formed life operation — Sunshine Life Insurance Co — as subsidiaries. Beijing-based Sunshine P&C was formed in September 2005, with capital of 1.1bn yuan ($142.4m) with Chinalco, Sinopec, China Southern, Sinotrans and Guangdong Electric Power Development Co as significant stakeholders. It generated premiums of 1.75bn yuan in 2006.