(Image source: Visual China)
Blue Whale News, 10 15 (Reporter: Chen Xiaojuan)
As the newly appointed chairman has taken office, Jiangsu state-owned-backed Suzhou Dongwu Property & Casualty Insurance Co., Ltd. (hereinafter "Dongwu P&C") has immediately launched a nationwide executive search.
According to Dongwu Property & Casualty Insurance's official WeChat account, the company is hiring 2 Deputy General Managers/Assistant General Managers for its headquarters, 1 Chief Risk Officer, and 2 Deputy General Managers/Assistant General Managers for its Jiangsu Branch. Additional reserve management trainees are also sought for branches within Jiangsu Province.
(Image source: Dongwu Property Insurance WeChat Official Account)
The job posting states that the Manager/Executive Assistant role requires 8 or more years of experience in finance, or 10 or more years in economics. Candidates must have a solid foundation in property insurance expertise, familiarity with market and regulatory policies, and strong capabilities in strategic thinking, business decision-making, organizational coordination, and risk management.
The Chief Risk Officer role requires 5 or more years of experience in finance or related industries, along with a proven track record in dedicated risk resolution and asset preservation. Candidates must be well-versed in the disposal processes for distressed institutions and relevant regulatory requirements (e.g., non-performing financial asset disposal, corporate restructuring and rehabilitation, judicial debt collection, and risk isolation).
Notably, this property and casualty insurer, which has been operating for just over a year, underwent a leadership change at the end of 9.
On 10 10, Dongwu Property & Casualty Insurance Co., Ltd. announced that Song Jifeng resigned from his positions as Chairman of the First Board of Directors, Director, and Chairperson of the Board Strategy Planning and Investment Decision Committee and Member of the Nomination and Remuneration Committee due to organizational transfer. On 9 29, the company's board elected Li Wei as Chairman of the First Board of Directors, who will assume duties upon regulatory approval of his qualifications.
(Image source: Dongwu Property Insurance official website)
Public records indicate that Li Wei was born in 1973. Previously, he served as Executive Director and Deputy President of Suzhou Bank (002966.SZ). In mid-9, the Organization Department of the Suzhou Municipal Committee released a pre-appointment notice for city-managed leaders, with Li Wei listed among them. He is slated to take on the role of head of an enterprise managed by the Suzhou Municipal Committee.
Li Wei has spent his career in the banking sector, making this move a cross-industry transition into insurance. He previously served as a clerk in the Credit Department, International Business Department, and Accounting Department of China Investment Bank's Shanghai Pudong Branch; as a clerk in the Business Operations Department and Planning & Finance Department at Everbright Bank's Shanghai Branch; as a business deputy manager in the Financial Accounting Department; as a business manager in the Management Accounting Project Team at Everbright Bank's Head Office; as Assistant General Manager, Deputy General Manager (acting), and General Manager of the Planning & Finance Department at Everbright Bank's Shanghai Branch; and as Director of the Board of Directors and Supervisory Committee Office, Secretary to the Board of Directors, Director of the Board of Directors Office, and President of the Digital Banking Headquarters at Suzhou Bank. In 2020 year 11 month, Li Wei was appointed Vice President of Suzhou Bank, and since 2024 year 1 month, he has also concurrently served as an Executive Director.
In 4 last year, Dongwu Property & Casualty Insurance launched operations but has yet to achieve profitability. In 2025, the company recorded premium income of 0.25 billion yuan and a net loss of 0.18 billion yuan. In the first half of 2026, premiums surged rapidly to 1.59 billion yuan, with a concurrent net loss of 0.51 billion yuan. As of the end of the second quarter, both the core and comprehensive solvency adequacy ratios stood at 1045.71%.
The company's executive team currently consists of 7 members: Xia Weixin, General Manager; Xiong Yan, Deputy General Manager; Jin Jihong, Assistant to the General Manager; Liu Zhongxiao, Assistant to the General Manager and Corporate Secretary; Gai Chunfeng, Chief Compliance Officer; Yang Lin, Head of Finance; and Wang Jin, Chief Actuary.
As a newly established state-owned insurer in Suzhou, Dongwu Property & Casualty Insurance Company states that it will adhere to the development strategy of "anchored in Suzhou, deepening presence in Jiangsu, expanding across the Yangtze River Delta, and serving the 'Belt and Road' national strategy." The company will balance auto and non-auto businesses. Traditional operations will prioritize supporting and safeguarding the real economy, while innovative initiatives will focus on developing distinctive technology insurance offerings, building a professional, refined, and specialized operating framework.
