This January, Zhejiang province began its annual bidding for insurance law services on behalf of various insurance companies within the province. The bid was open to all established law firms there.
 
Dacheng Hangzhou office appointed attorney Lin Yu to preside over the bidding and assembled a support team led by attorney Ouyang Kunpo.
 
Statistics showed 13 law firms took part in bidding, including a number of top-ranking firms such as Dacheng.
 
Despite fierce competition, Dacheng Hangzhou office, with its professional prowess and good reputation, stood out from the crowd and formed a long-term partnership with the Zhengjiang branch of Zheshang Property and Casualty Insurance Co., Ltd.. Only two law firms were selected in this round of bidding.
 
Zheshang Property and Casualty Insurance Co., Ltd. is the first national property insurance company headquartered in Zhejiang with a registered capital of RMB1bn. The company specializes in various insurance products. The Zhengjiang branch of Zheshang Property and Casualty Insurance Co., Ltd. is an important part of the local financial system, which is overseen by the Zhejiang Provincial Committee of the CPC and the provincial government of Zhejiang. The company is founded by Zhejiang Commercial Group, its main sponsor with both controlling state-owned capital and quality private capital from the province. Company shareholders include large state-owned companies such as Zhejiang Commercial Group and Zhejiang Provincial Energy Group, as well as well-known private companies such as Youngor and Chint Group.
 
The powerful cooperation between Dacheng Hangzhou office and Zheshang Property and Casualty Insurance Co., Ltd. will be a win-win situation for both parties. Moreover, it will enhance the influence and quality of Dacheng. We expect there will be more regulatory progress and development in the insurance industry as a result of the cooperation.