HONG KONG: The insurer said late Friday in a statement, Zhang Zixin, general manager of Chinese Ping’am Insurance, which is the country’s second largest insurer, whose term of office will end on March 18 of 2011, has tendered his resignation for “personal reason”.

The insurer said Zhang Zixin, also known as Cheung Chi Yan Louis, will continue his directorship with Ping’an Insurance, also known as Cheung Chi Yan Louis. There is no other matter that should be brought to attention to other directors, supervisors or shareholders in relation to this resignation; in this regard Ping’an said Zhang has no disagreement with the board and executive committee.

The insurer will succeed Zhang as general manager, based in south China’s booming city Shenzhen, said Ren Huichuan, currently deputy general manager of Ping’an.  It will appoint Yuan Siong Lee and So Lan Ip as deputy general managers, as Ping’an said in the statement.

It added, the appointment of Ren, Lee and So shall take effect upon obtaining the authentic approval of the China Insurance Regulatory Commission. In 2003, Zhang became general manager of Ping’an.