b'Mergers & Acquisitions | Property-Casualty SectorAsiaChinaIn June 2020, Germanys ERGO Group announced the execution of a shareholders agree-ment and capital increase agreement to consummate an investment into Shandong-based Taishan Property & Casualty Insurance. The agreements will have ERGO Groups subsidiary, ERGO Versicherung AG, acquire 24.9% of the equity interests of Taishan Insurance. The deal marks a significant step by the German insurer to enter the P&C market in China and expand its services in the Chinese market. The transaction reportedly received regulatory approval from the European Commission in August 2020.Rounding out the year, in December 2020, Chinas technology conglomerate Tencent announced an agreement to partner with South Koreas largest property insurer, Samsung Fire & Marine Insurance, in a new joint venture (JV) in China. The transaction will convert Samsung Fires existing Chinese branch into a JV in which Samsung will own a 37% stake, Tencent will own a 32% stake and other Chinese technology and financial firms will own a combined 31% stake. The JV will reportedly focus on launching a series of online insurance products, leveraging Tencents WeChat messenger app and its 1.1 billion monthly users.Japan Tokio Marine HCC, the Houston, Texas, subsidiary of Japans Tokio Marine Group, com-pleted its acquisition of specialist renewable energy underwriter GCube in June 2020. GCube is based in London and underwrites onshore and offshore wind, solar, hydro and other projects. The terms and conditions of the transaction were not publicly disclosed. GCube intends to expand in key renewables markets worldwide, including Japan and Taiwan, following the transaction. IndiaThe P&C year in India began with three-year-old general insurer Digit Insurance (Digit) receiving regulatory approval to raise $84 million from growth equity investors A91 Partners, Faering Capital and TVS Capital. Digit leverages cloud technology to simplify processes for its customers, including smartphone-based self-inspection for auto insurance claims. Since the fundraise, Digit has reportedly achieved unicorn status with a valuation surpassing $1 billion. 12GLOBAL INSURANCE INDUSTRY | YEAR IN REVIEW2020'