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On November 11, President Cao Peixi and Chief Accountant (CFO) Guo Junming of China Huaneng Group met with Prem Watsa, Board Chairman and CEO of Canada-based Fairfax Financial Holdings Limited. Both sides exchanged views on further cooperation in financial area.
Cao Peixi briefly introduced the achievements of China Huaneng Group in areas like technological innovation, energy conservation and environmental protection, overseas project development. He said, the cooperation between Huaneng and Fairfax has yielded excellent results, which significantly promoted the overall strength of Alltrust Insurance Co. He also hoped that both sides could further strengthen cooperation, explore new opportunities in cooperation, so as to achieve mutual benefits and joint development.
Prem Watsa expressed his gratitude to the warm welcome received and expressed admiration for the company's achievements in technological innovation. He said, Fairfax had developed insurance and reinsurance businesses in more than 100 countries all over the world. The company had established long-term and fruitful relationship with Huaneng, especially through the exciting and effective cooperation on Alltrust Insurance Co. Fairfax would be willing to expand cooperation with Huaneng in the financial area.
Fairfax is now the largest multinational commercial insurance group in Canada. In August 2009, Fairfax became the second largest shareholder of Alltrust Insurance Co.
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