China Cosco Shipping Group has launched its captive insurer, with a registered capital of CNY2bn ($291m). Cosco Shipping Captive Insurance will provide cover in fleet and cargo, civil liability and property for all member units of the Chinese state-owned business. China Cosco Shipping has more than 1,100 vessels. Several subsidiaries, including Cosco Shipping Ports, Cosco Shipping Development, Cosco Shipping Heavy Industries, Cosco Shipping Logistics and Cosco Xiamen will be insured through the unit.