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Dajia Property & Casualty Insurance
Liang Xinjie directs Dajia P&C, the state-backed Chinese insurer that stewards a portfolio of US trophy hotels including NYC's Waldorf Astoria.
Dajia Property & Casualty Insurance
Dajia Property & Casualty Insurance was carved out in 2019 as the general insurance subsidiary of Dajia Insurance Group, the entity created by Chinese regulators to absorb the domestic operations of the failed Anbang Insurance Group. The parent is majority-owned by the China Insurance Security Fund, a state vehicle, which holds a 98.23% stake. Liang Xinjie leads the P&C unit as Director and General Manager, overseeing a business that underwrites property, liability, accident, health, credit, and guarantee lines. The firm functions primarily as a domestic insurer, but its investment strategy is shaped by the group's inherited international asset base. The group's investment portfolio is anchored by a collection of landmark US hospitality properties acquired during the Anbang era. These include the Waldorf Astoria New York at 301 Park Avenue, the JW Marriott Essex House on Central Park South, the InterContinental Chicago Magnificent Mile, the InterContinental Miami, the Four Seasons Resort Jackson Hole, the Four Seasons Resort Scottsdale at Troon North, and the Montage Laguna Beach. These assets are held alongside domestic investments, including joint venture projects with Longfor Group. The insurer's investment strategy reflects a dual posture — underwriting standard P&C premiums domestically while the group manages a globally diversified real-asset portfolio focused on irreplaceable luxury properties. Team specifics for the P&C unit are not publicly detailed, though governance includes Zhao Peng as Non-Executive Director — who concurrently serves as Assistant General Manager of the parent group — and Dr. Wang Zhongze as Independent Non-Executive Director. Wang also holds a directorship at the Hong Kong Securities and Investment Institute. The parent group maintains an adjacent philanthropic vehicle, the Sino-Ocean Charity Foundation. A precise operational event within the last 24 months is not publicly verifiable; the firm's current posture is one of steady-state underwriting and asset management within the rehabilitated structure. Structurally, Dajia P&C differs from most Chinese insurance peers in the provenance of its investment portfolio. Rather than a domestically sourced pool of standard fixed-income and equity holdings, the group's balance sheet carries a legacy of direct trophy real estate on US soil, acquired through a predecessor firm that collapsed under regulatory intervention. This creates an unusual mandate — a state-rehabilitated insurer functioning as steward to a collection of assets more typical of a sovereign wealth fund or global private equity sponsor. The China Insurance Security Fund's near-total ownership ensures the group operates under close regulatory supervision, with any capital deployment subject to state-level priorities for asset preservation and eventual resolution.
General information
Firm type
Insurance
Year founded
2019
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shenzhen
Corporate office
Shenzhen, China
Principals
Liang Xinjie
Director and General Manager
Zhao Peng
Non-Executive Director; Assistant GM, Dajia Insurance Group
Wang Zhongze
Independent Non-Executive Director
Sector focus
Frequently asked questions
Who is the ultimate owner of Dajia Property & Casualty Insurance?
Dajia P&C is a subsidiary of Dajia Insurance Group, which is 98.23% owned by the China Insurance Security Fund — a state-backed entity created by the Chinese government to protect policyholders and manage distressed insurers. The group was formed in 2019 to take over the domestic operations of Anbang Insurance Group after a regulatory seizure. As a result, Dajia P&C operates effectively as a state-managed rehabilitation vehicle.
What is the connection between Dajia P&C and Anbang Insurance Group?
Dajia Insurance Group, the parent of Dajia P&C, was established by Chinese authorities specifically to absorb and restructure the domestic insurance operations of Anbang Insurance Group after it collapsed. Anbang's former chairman, Wu Xiaohui, was convicted of fraud in 2018, and regulators seized control. The international assets, including the US hotel portfolio, were folded into the new Dajia structure under the oversight of the China Insurance Security Fund.
What type of insurance does Dajia P&C underwrite?
Dajia P&C underwrites property, liability, accident, health, credit, and guarantee insurance lines. The firm operates as a standard property and casualty insurer in the Chinese domestic market. Its investment portfolio, however, is heavily influenced by legacy assets from the Anbang era rather than premium-generated reserves alone.
Does Dajia P&C own the Waldorf Astoria New York directly?
The Waldorf Astoria New York at 301 Park Avenue is held by the broader Dajia Insurance Group, not by the P&C subsidiary directly. The group acquired the property during the Anbang era and has since pursued a mixed-use redevelopment that includes luxury condominiums alongside a reduced hotel footprint. Ownership is managed at the group level.
What notable US hospitality assets does the Dajia group hold?
The group's US portfolio includes the Waldorf Astoria New York, JW Marriott Essex House New York, InterContinental Chicago Magnificent Mile, InterContinental Miami, Four Seasons Resort Jackson Hole, Four Seasons Resort Scottsdale at Troon North, and Montage Laguna Beach. These properties were acquired during Anbang's buying spree before regulatory intervention and are now held under the Dajia structure.
How does Dajia P&C's investment posture differ from typical Chinese insurers?
Most Chinese P&C insurers invest premiums primarily into domestic fixed income and public equities to match liabilities. Dajia P&C's parent group, by contrast, manages a globally diversified portfolio of direct trophy real estate — a legacy of Anbang's aggressive outbound acquisition strategy. This makes the group's asset mix closer to that of a sovereign-backed real estate investor than a conventional insurer, though the P&C unit itself underwrites standard domestic lines.
What governance structures are in place at Dajia P&C?
Liang Xinjie serves as Director and General Manager, running day-to-day operations. Zhao Peng, Assistant GM of the parent group, sits on the board as Non-Executive Director. Dr. Wang Zhongze serves as Independent Non-Executive Director and also holds a role at the Hong Kong Securities and Investment Institute. Overall governance is tightly coupled with Dajia Insurance Group and, by extension, the China Insurance Security Fund.
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