Zhibao Technology has appointed Jun Xu as an independent director on the board of Zhibao Labuan Reinsurance Company Limited, the Malaysia-incorporated subsidiary positioning the China-based InsurTech for a deeper push into the international reinsurance market.
Zhibao Labuan was licensed by the Labuan Financial Services Authority in April 2025, allowing it to underwrite general reinsurance business outside mainland China. The unit is designed to participate as a minority risk carrier in premiums generated by Sunshine Insurance Brokers and Zhibao Health, both part of the parent group.
Zhibao has previously indicated that the structure could effectively double its revenue per policy by layering reinsurance participation on top of brokerage commissions, with potential underwriting gains on top.
"Ms. Xu is a wonderful addition to our team," said Zhibao chairman and CEO Botao Ma, pointing to a career spanning Lloyd's, Hannover Re and Ping An. He said her regulatory relationships and command of the MGA and coverholder ecosystem would support Zhibao Labuan as it moves toward operations.
Xu brings more than 30 years of experience across the global insurance and reinsurance sectors, with senior positions at international and domestic institutions operating in China.
She was most recently chief operating officer and deputy general manager at Lloyd's Insurance Company (China) Ltd., where she spent over 15 years. In those roles, she helped shape Lloyd's China strategy and advanced the managing general agent and coverholder model in the local market.
She also facilitated the inclusion of the first Chinese entrepreneur in Lloyd's Lab Cohort 11, a step tied to broader innovation efforts in China's insurance sector.
Before Lloyd's, Xu was chief representative at the Hannover Reinsurance Company Shanghai Representative Office, where she spent more than a decade developing the firm's China business across facultative reinsurance, agriculture, alternative risk transfer, casualty and credit reinsurance.
Earlier in her career, she held a senior management role in the reinsurance department of Ping An Insurance Company of China, working on treaty renewals, system development and operational governance.
Her appointment lands as Labuan IBFC closed 2025 with gross insurance premiums of $2.5 billion, up 5.8%, and now hosts 232 insurers and intermediaries, including 36 reinsurers.
General reinsurance led the centre's performance for the year, although underwriting margins narrowed to 10.4% from 15.9% as the claims ratio rose to 56.2%, weighed down by Malaysian fire losses and regional catastrophe activity.
Xu holds an MBA from Shanghai Maritime University and a Bachelor of Arts in Technological German from Tongji University. She also completed the Developing Leaders at Lloyd's Program at London Business School, and is a council member of the Shanghai Institute of Marine Insurance.
Speaking on her appointment, Xu said she was "truly honored and delighted to join the board of Zhibao Labuan as an Independent Director."
She described Zhibao as an InsurTech platform reshaping insurance delivery in China and said she looked forward to supporting what she called the company's "responsible, sustainable, and rewarding growth" in the international reinsurance market.
