According to its website, the Chinese insurer PICC Property and Casualty Company, headquartered in Beijing, was founded less than a month after Chinese Communist leader Mao Zedong declared the creation of the People’s Republic of China on October 1, 1949. Formerly known as the People’s Insurance Company of China, the insurer is still state-owned and ranks No. 114 in the Fortune Global 500 list. It is a global operator with an A1 Moody rating. But its behaviour in high-stakes Irish litigation over the loss of around €76 million worth of beached aviation assets in war-sanctioned Russia has baffled and “disappointed” Justice Denis McDonald,…

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