Alibaba (BABA)-Backed Insurer Lands Large Investment from Morgan Stanley-Led Consortium

An Alibaba (NYSE: BABA)-backed online insurer in China has received some notable financial support as institutions remain bullish on the market.

The WSJ said that a consortium led by Morgan Stanley has invested $934 million in Zhong An Online P&C Insurance Company, which is a property and casualty insurer in China. The investment values the company at around $8 billion.

Other firms making an investment in Zhong An include China International Capital Corp., CDH Investments, Keywise Capital Management, and SAIF Partners, sources noted.

What's notable about Zhong An is that it conducts all of its business online without any physical branches to be seen. In a statement to the WSJ, Zhong An said it offers over 100 insurance products and has written more than 1.6 billion policies for more than 250 million customers.

Zhong An is just one company at the forefront of an inflow of cash into online-based companies in China. Others include cab-hailing app Didi Kuaidi Joint and consumer hand-held device maker, Xiaomi Corp.

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