Chapter 327: First insurance policy and second?

On March 3, a week after the third trial in the Brooke Small fraud case, many reporters came to the Southern Hotel in Fenway, because there was a special press conference here today. The conference was special because it was not in a formal setting, but rather it was set up like a banquet, with wine and a buffet, and waiters shuttling back and forth. All the reporters and other people who came to attend were chatting away.

'Danny, I only came to this press conference because of your father. You have to drink a few more drinks with me today, otherwise I won't hand in this article to the editor-in-chief.'

'Hey my dear Barrister Allen, you're the one who asked me to come today. I really don't understand why a reputable lawyer like you, who is even qualified to be the legal advisor to the governor, would choose to be the legal advisor to such an obscure and insignificant company. Are the directors here from Sierra Leone or South Africa? Do they already pay their salaries in diamonds and gold instead of US dollars?'

'But barrister, you know that our profession as journalists is difficult. We can't just publish any news; it has to be newsworthy. Of course, if this company is willing to pay for advertising, we wouldn't mind giving them a break, for the sake of friendship.'

...

Amidst the noise of the reception, a young Chinese man made his way through the crowd and finally arrived behind the stage. Zhou Ming, dressed in a custom-made suit, was waiting here. When he saw the young man, he asked, 'Chen Shu, what's the situation outside?'

The young Chinese man was Chen Shu, the class monitor of the finance class. He replied to Zhou Ming, 'Teacher, I'm afraid it's not good. All the reporters are here for the face of Lawyer Allen and Chairman Danny. Although they are willing to come to the press conference, they may not necessarily help us write articles and release news unless we are willing to buy their space like advertising.'

After hearing Chen Shu's words, Ye Ning, who was helping Zhou Ming with his clothes, said unhappily, 'What reporters? I think they are just a bunch of insatiable salesmen!'

However, Zhou Ming smiled and said, 'That's normal. Who can blame them? Our company is very small and new, and we are eager to gain popularity. Of course they want to make a killing out of it.'

Zhou Ming looked at Chen Shu and Ye Ning, who looked very unwilling, and then said to them, 'Don't think about it anymore. Some experiences are inevitable if you want to grow and develop. Besides, haven't we prepared a show for them? Maybe they will change their minds after watching the show. It's not definite. The press conference will start soon. Let's go out first.'

Zhou Ming then took Chen Shu and Ye Ning outside. He first got to know several major newspaper editors through the introductions of Alan and Danny. After a lot of meaningless small talk, the company's press conference officially began at 10am.

Zhou Ming walked up to the podium, picked up the microphone and said, 'Ladies and gentlemen, first of all, I would like to welcome you all to Wharton's press conference. I am Chairman Zhou Ming.'

Everyone applauded in respect for Zhou Ming, who raised his hand to indicate silence and then said, 'I want to say that you are all very lucky to be able to witness the rebirth of a giant. All the employees of my Wharton Company are Harvard University finance majors. This is a very powerful force. Perhaps in five or ten years, Wharton Company will be a household name in Brighton and even throughout Massachusetts.'

When Zhou Ming heard these words, there was an immediate burst of laughter from the crowd below, as it was obvious to them that Zhou Ming's words were a joke.

Amidst the laughter, someone asked Zhou Ming, 'So may I ask this Chinese chairman, what exactly does your Wharton Company do?'

With the first person taking the lead, someone immediately chimed in, 'That's right, Mr. Chinese Chairman, I heard that the first project your Wharton company is in charge of is a dormitory convenience store project. Are you going to open a Walmart in the school?'

Someone else asked, 'But you said that your employees are all Harvard students. Did Harvard admit dozens of Chinese people this year? How were you admitted? Has Harvard's admissions policy been adjusted in recent years?'

Facing these questions one after the other, Zhou Ming once again motioned for silence and then said, 'Please listen to me. First of all, I am not some Chinese chairman of the board. My name is Zhou Ming. Secondly, Harvard did admit 26 Chinese students this year, and I am honoured to be one of them. Lastly, I would also like to tell you that the convenience store in the dormitory is indeed run by Wharton, but Wharton does not intend to run a supermarket. What Wharton plans to do in the future is insurance.'

Zhou Ming's words were like a stone thrown into the water, sending ripples through the scene. All the reporters and editors were extremely surprised, because Zhou Ming's words were completely unexpected.

Because Zhou Ming and his classmates in the finance class were admitted to the university by special permission of the US president, it was normal that many journalists didn't know about it without news reports; and it was even more unexpected for them that Wharton would do insurance. Although there were many small insurance companies in Brighton, in their perception, it also required a lot of financial resources to be an insurance company. But did these Chinese people have it?

As if to give everyone an answer, Zhou Ming then added, 'Regarding the question of an insurance company, I think my lawyer, Mr. Allen, would have more to say than I would.'

Then Zhou Ming asked Alan to come up to the stage. Alan came up to the stage and said, 'Hello, ladies and gentlemen, I am Alan. I would like to say that Wharton has applied for a license to conduct insurance business, which means that Wharton is fully equipped to conduct insurance business. As for the conditions for underwriting, I think he can accept all insurable objects except aircraft carriers and nuclear bombs.'

At this time, a white man raised his hand. Zhou Ming invited him to come up to the stage. He said, 'Hello everyone, I am Taylor, the chairman of the Northeast Division of the Port City Shipping Group. I have a ship that is currently docked in the harbour of Brighton. It will set sail for Brazil in about half a month. It has not been insured for this voyage yet. I wonder if your Wharton Insurance Company has the guts to take this insurance policy?'

After he finished, he added, 'As a friendly reminder, the cargo is very important this time. Once there is a loss, the compensation amount may reach tens of millions of dollars.'

As Taylor spoke these words, everyone present suddenly let out a cold breath. No wonder the ship has not been insured up to now. Even a first-class insurance company would have to weigh up an insurance policy for such a large sum. After all, no one can guarantee 100% safety in maritime navigation, especially since this route still has to pass through the Caribbean Sea.

The reporters and editors below were whispering to each other, all of them saying that this Mr Taylor had clearly come to cause trouble. The other people. Wharton Company has just been established, and you're throwing out such a hot insurance policy. Isn't this going to make people lose face?

But at this time, Zhou Ming asked him, 'Mr Taylor, then I would like to ask, for such a large insurance policy, what is the price you can afford to insure?'

'Two hundred thousand US dollars,' Taylor replied.

Although many people guessed that such a large sum insured would also mean a high premium, when Taylor said this, it still left countless reporters at the scene dumbfounded.

But before these reporters could react, Zhou Ming said again, 'In that case, we at Wharton accept your policy.'

Zhou Ming's response caused an immediate explosion at the scene, and someone immediately exclaimed, 'My God, is this Chinese person crazy!'

They couldn't help but be surprised. Perhaps the $200,000 insurance policy sounded tempting, but in reality it was a gamble, a gamble with the future of the insurance company. Because if there was an accident during the shipping process and Wharton was unable to make a claim, then Wharton would become notorious. Just imagine, if an insurance company can't even make a claim, who else would trust it?

That's why newly established insurance companies usually start with small policies and only consider taking on large policies once they have sufficient financial resources. Who would take on a ten million dollar super policy on the first try? Isn't this just nonsense?

As for the Harbor City Shipping Group, they of course have no worries either, because according to US insurance law, there is no such thing as an insurance company going bankrupt. So if Wharton is unable to settle the claim, the government will step in to help find another insurance company willing to take it over, and Wharton will be merged unconditionally into the insurance company willing to take it over.

At this moment, in the eyes of all the reporters and editors, Zhou Ming's image has become that of a demon with horns on his head and a trident in his hand, completely insane and irrational.

In the face of the astonishment and scepticism of all the reporters and editors, Zhou Ming continued, 'I, a Chinese person, am not crazy. On the contrary, I am very rational now, at least more so than all of you. Our company, Wharton, will take out this insurance policy. First of all, I would like to thank Mr Taylor for his trust in us. In addition, I would like to tell you that our company, Wharton, has the strength to take out this insurance policy!'

Zhou Ming's words were sonorous and powerful, leaving everyone on the spot confused. There was dead silence until someone started clapping, and then everyone else followed suit.

'Chinese chairman, you're amazing! I never thought Wharton would be able to pay out 10 million! I'm proud of your courage!'

The reporters and editors below shouted one after the other, but they were calculating how they could quickly write this article after the press conference ended. An insurance company that had just been established taking out a ten million insurance policy was definitely a very valuable piece of news.

But while the reporters and editors cheered enthusiastically, Zhou Ming frowned because he saw the person who had led the applause.

Amidst the applause and cheers, he stood up, then walked up to the podium step by step, and took the microphone himself, saying, 'Hello everyone, I didn't expect Wharton to be such a bold and ambitious company. It actually took on a ten million dollar insurance policy on its first day of establishment. I really admire such courage, so let me introduce you to the second policy, which is my one-year medical insurance for all employees of the Fenway District company, with an estimated insured amount of up to 800,000 US dollars.'

After saying this, the man turned his head and looked at Zhou Ming provocatively and asked, 'What do you think? President of China, do you accept my guts? My name is Brooke, and I am currently a senator in Massachusetts.'