China's PICC board OKs up to RMB 8 billion issue of 10-year term debt

By Angela McDaniels

Tacoma, Wash., June 1 - PICC Property and Casualty Co. Ltd.'s board of directors has approved the issue of up to RMB 8 billion of 10-year subordinated term debt, according to a company news release.

The proceeds will be used to raise the solvency margin of the company.

The issue is subject to the approval of the company's shareholders, the China Insurance Regulatory Commission and other relevant governing authorities.

The Beijing-based group's principal activities are the underwriting of vehicle, commercial, homeowners, cargo and liability insurance.

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