Hong Kong:China Re sets sights on territory for long-term business

China Re Hong Kong has been officially authorised by the Insurance Authority to carry on reinsurance business in or from Hong Kong, according to a company announcement earlier this week.

With the regulatory nod, the company said it will contribute to the prosperity and development of the insurance industry in Hong Kong and mainland China. It will develop and use the functions of risk management, technology advancement and financing in the scope of life reinsurance as well as the Belt and Road Initiative and the construction of Guangdong-Hong Kong-Macao Greater Bay Area.

China Re Hong Kong, a wholly-owned subsidiary of China Life Reinsurance with a paid-up capital of HK$2bn ($0.26bn), is the first domestic insurance company approved to be established in Hong Kong since the establishment of the China Banking and Insurance Regulatory Commission.

The reinsurer undertakes both life and health reinsurance business. It can also transfer and mitigate insurance risks via proportional or non-proportional reinsurance arrangement by providing treaty reinsurance and facultative reinsurance.

Source: Asia Insurance Review