May 26, 2023 03:48 AM
FINANCE
BYD Insurance Debuts After Takeover of Tomorrow Holdings’ E An
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The CBIRC approved Zhou Yalin, the chief financial officer of BYD, as the chairman of the insurance unit
The three-year bankruptcy reorganization of E An Property & Casualty Insurance Co. Ltd., an insolvent online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd., came to an end after a takeover by electric-car giant BYD Co.
The China Banking and Insurance Regulatory Commission (CBIRC) Wednesday approved the renaming of E An as Shenzhen BYD Property & Casualty Insurance Co. Ltd. The regulator earlier this month approved BYD’s 100% acquisition of E An, three years after the embattled insurer was seized by authorities.
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