May 10, 2023 07:17 AM

FINANCE

BYD Takes Over Insolvent Online Insurer as Foundation for Auto Insurance Unit

By Wu Yujian and Denise Jia

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E An Property & Casualty Insurance filed for bankruptcy reorganization in July 2022.

E An Property & Casualty Insurance filed for bankruptcy reorganization in July 2022.

Chinese electric-car giant BYD Co. got a green light from regulators to take over a insolvent online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. with plans to turn it into an auto insurance provider.

The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD’s 100% acquisition of E An Property & Casualty Insurance Co. Ltd. Chinese authorities seized the company three years ago.

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