BYD Insurance Debuts After Takeover of Tomorrow Holdings’ E An

The CBIRC approved Zhou Yalin, BYD’s chief financial officer, as chairman of the insurance unit

Bankruptcy reorganization three years from E An Property & Casualty Insurance Co. Ltd.the bankrupt online insurance unit of scandal-hit conglomerate Tomorrow Holding Co. Ltd., ended following a takeover by electric car giant BYD Co.

The China Banking and Insurance Regulatory Commission (CBIRC) on Wednesday approved E An’s renaming as Shenzhen BYD Property & Casualty Insurance Co. Ltd. Regulators earlier this month approved the acquisition of 100% BYD from E An, three years after the embattled insurance company was seized by authorities.