Source: International Finance News
Insurance companies are once again conducting broad-based "pre-selection" for senior executives.
Recently, Suzhou Dongwu Property & Casualty Insurance Co., Ltd. (hereinafter "Dongwu P&C") announced a social recruitment drive to hire 2 Deputy General Manager/Assistant General Managers at the headquarters, 1 Chief Risk Officer, 2 Deputy General Manager/Assistant General Managers for its Jiangsu branch, and several reserve management trainees for branches within Jiangsu Province.
Analysts say that developing a professional manager market is a key indicator of an industry's growth in scale, maturity, and market orientation. For small and mid-sized insurers especially, amid intensifying competition, market-based hiring not only helps attract experienced and capable new talent but also demonstrates the openness and transparency of corporate governance.
Market-driven talent acquisition gains momentum
According to information disclosed on the Dongwu Property Insurance official website, the company's senior management team currently consists of 7 members: General Manager Xia Weixin; Deputy General Managers Xiong Yan; Assistant General Managers Jin Jihong and Liu Zhongxiao (also Board Secretary); Chief Compliance Officer Gai Chunfeng; Head of Finance Yang Lin; and Chief Actuary Wang Jin.
The job posting states that candidates for the Deputy General Manager or Assistant to the General Manager position at headquarters must have 8 years of experience in finance or 10 years in economics. They should possess a solid foundation in property insurance expertise, be familiar with market dynamics and regulatory policies, and demonstrate strong capabilities in strategic thinking, business decision-making, organizational coordination, and risk management.
The Chief Risk Officer at the head office must have 5 or more years of experience in finance or related industries, along with a proven track record in full-time risk resolution and asset preservation roles. Candidates should be well-versed in risk institution resolution processes and relevant regulatory requirements, including non-performing financial asset disposal, corporate restructuring and reorganization, judicial collection, and risk isolation.
Yang Fan, General Manager of Beijing PaiPai Insurance Agency Co., Ltd., told reporters that the growing preference of mid-sized and small insurers for market-based executive hiring stems from its ability to precisely address current industry challenges and development needs.
According to the analysis, in a complex environment marked by intensifying competition, stricter regulation, and technology empowerment, mid-sized and small insurers urgently need leaders with deep industry expertise in channel expansion, product innovation, risk management, or capital operations. Market-based recruitment can quickly identify such practitioners, addressing gaps in internal talent reserves.
"Especially for small and medium-sized insurers facing homogenized competition and growth bottlenecks, there is an urgent need to bring in external executives with fresh perspectives and new mindsets. This will help break traditional path dependencies, drive innovation in business models, accelerate digital transformation, or enable strategic upgrades—achieving differentiated breakthroughs," said Yang Fan.
On the other hand, market-based selection helps establish a more professional and market-oriented decision-making mechanism. This reduces potential constraints from direct shareholder intervention, improving both board decision efficiency and overall corporate operational performance.
A review reveals that before this, several smaller insurance companies—including Zheshang Property & Casualty, Huaan Property & Casualty, Beibu Gulf Property & Casualty, Dinghe Property & Casualty, Bohai Life, Pearl River Life, Guoren Property & Casualty, and Guolian Life—had publicly recruited general managers or deputy general managers.
Net loss of 0.51 billion yuan in the first half
Notably, Dongwu Property Insurance has just completed a change in its top leadership.
On 10 10, Dongwu Property & Casualty Insurance announced that Song Jifeng has resigned from his positions as Chairman of the First Board of Directors, Director, and Chairperson of the Board's Strategic Planning and Investment Decision Committee and Member of the Nomination and Compensation Committee due to organizational work transfer.
The successor has been announced. On 9 month 29 day, the company held its 1st Board of Directors' 12th meeting in person, electing Li Wei as Chairman of the 1st Board of Directors. He will assume office formally upon regulatory approval of his qualifications.
Public records indicate that Li Wei was born in 1973 year, 1 month. He is a senior economist with extensive experience in the banking sector but no prior background in insurance. Throughout his career, Li Wei held various positions including clerk in the Credit, International Business, and Accounting departments of the Shanghai Pudong Branch of China Investment Bank; clerk in the Operations, Planning & Finance, and Financial Accounting departments of the Shanghai Branch of China Everbright Bank; business manager for the Management Accounting Project Team at Everbright Bank's headquarters; and Assistant General Manager, Deputy General Manager (acting), and General Manager of the Planning and Finance Department at Everbright Bank's Shanghai Branch.
In 2013 11, Li Wei joined Suzhou Bank, serving in various roles including Director of the Board and Supervisory Committee Office, Secretary to the Board, Director of the Board Office, and President of the Digital Banking Division. In 2020 11, he was promoted to Vice President of Suzhou Bank; since 2024 1, he has also served as an Executive Director.
In 9 this year, the Suzhou Municipal Organization Department released a pre-appointment notice for city-managed leaders. Li Wei is proposed for appointment as the top executive of an enterprise under the management of the Suzhou Municipal Committee.
As the sole state-controlled property and casualty insurer in Suzhou, Dongwu P&C Insurance was approved for establishment in 2024 9. Just six months later, in 2025 3, the National Financial Regulatory Administration granted approval for Dongwu P&C to commence operations and to establish five branch offices in Jiangsu, Zhejiang, Shanghai, Anhui, and Beijing. The company also obtained licenses for credit guarantee insurance, special risk insurance, agricultural insurance, and other business lines.
Dongwu Property Insurance has a registered capital of 20 billion yuan. In terms of shareholding structure, Suzhou International Development Group Co., Ltd. holds 33% and is the largest shareholder; Suzhou Xincheng Investment Development Co., Ltd. and Suzhou Transportation Investment Group Co., Ltd. hold 14.5% and 12%, respectively, ranking as the second and third largest shareholders.
In 2025, Dongwu Property & Casualty Insurance reported insurance revenue of 0.25 billion yuan and a net loss of 0.18 billion yuan. In the first half of this year, the company generated insurance revenue of 1.59 billion yuan with a net loss of 0.51 billion yuan; specifically, in the second quarter alone, it recorded insurance revenue of 1.30 billion yuan and a net loss of 0.17 billion yuan. As of the end of Q2 this year, both the core and composite solvency adequacy ratios stood at 1045.71%.
