Munich Re-owned Ergo Group has formed a joint venture (JV) with car-dealership Great Wall Motors (GWM) to offer motor insurance products in China.

Set to start functioning early next year, the JV will develop and distribute car insurance plans and services as well as new mobility solutions.

The insurance products and services will be offered through car dealerships as well as GWM affiliates in the Chinese market.

In the JV, Great Wall Motor will hold 51% stake while the remaining 49% stake will be with Ergo Group, reported Reuters.

Great Wall Motor Company founder and chairman Jianjun Wei said: “GWM and Ergo each carries their own expertise and advantages in respective industries, GWM being the leading automotive manufacturer in China and Ergo being the leading insurance group in the global market.

“In-depth cooperation of insurance business between the two companies will open new doors to elevated services and integrated solutions to the market.”

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By GlobalData

Ergo Group chairman of the board of management Markus Rieß stated: “Together with our partner Great Wall Motors, we have set the common goal to establish a leading provider within the auto mobility ecosystem in terms of technology and data-driven product and service solutions.

“It underlines ERGO’s strategic ambition for being a leading partner of the Automotive industry and it demonstrates our strong position in one of our core growth markets. We look forward to working together on delivering pioneering solutions and benefit our partners and clients.”