b'MERGERS & ACQUISITIONS|PROPERTY-CASUALTY SECTORof Cargeas Assicurazioni SpA (Cargeas) from BNPregulatory approvals. Zhejiang Geely Holding Paribas allowed it to build upon its existing 4%Group is a Chinese motor firm focusing on market share within Italys non-life bancassurancedevelopment and production of automobiles. It is sector. Of particular interest is the furtherone of several Chinese automobile firms which opportunities which this transaction provided Intesaentered the insurance industry in recent years. in identifying synergies, with clear efficiencies forIn December 2021, the Shandong Banking and future activity arising as a result of Cargeas existingInsurance Regulatory Bureau granted approval for operations through the UBI Banca banking network. ERGO Group AGs (ERGO) purchase of 24.9% stake in Taishan Property and Casualty Insurance Co Asia-Pacific Ltd. After the acquisition, ERGO will become the second largest shareholder of Taishan. ERGO is the Some of the global M&A transactions mentionedprimary insurance arm of global reinsurance above had a direct impact on the Asia-Pacificcompany Munich Re. ERGO set up ERGO China as region. One example was the acquisition inits regional headquarters in China in 2019. Taishan is December 2021 by Gallagher of substantially all ofa Shandong-based P&C insurer that provides the treaty reinsurance brokerage operation of Willisproducts, services and solutions to customers. Towers. The combined business would trade as Gallagher Re out of more than 70 offices across 31Hong Kongcountries, including China and Hong Kong. In December 2021, Filhet-Allard Maritime, a French-Australia based leading insurance broker, acquired a controlling stake in Latitude Brokers Hong Kong In June 2021, the Commonwealth Bank ofLimited (Latitude Brokers), a specialist marine Australia (CBA) agreed to sell CommInsure, itsbroker headquartered in Hong Kong. Founded in domestic general insurance business, to Hollard2014, Latitude Brokers provides marine and offshore Group for an upfront payment of AUD$625 million,liability coverage, reinsurance for marine hull, cargo subject to applicable regulatory approvals. Theand liability risks, and other complementary deal also included a 15-year strategic alliance forservices. According to Filhet-Allard Maritime, the distribution of Hollard Groups home and motoracquisition would create a direct link between vehicle insurance products to CBAs retailEurope, Africa and Asia and is part of the brokers customers. Other bidders for CommInsureglobal expansion plan into the Asian market. The reportedly included Insurance Australian Group,acquisition has already received regulatory Allianz SE, Tokio Marine and SunCorp.approvals in Singapore and Hong Kong.That same month, Howden acquired Hong Kong-China based Expat Marine Limited. Expat Marine Limited In January 2021, Zhejiang Geely Holding Groupis a specialist insurance broker which provides agreed to buy 33.33% stake in Union P&C Insurancegeneral insurance, employee benefits, marine risks from Union Life Insurance, subject to applicableand yacht insurance brokerage services, serving 22|Global Insurance Industry Year in Review 2021'