Hannover Re has received approval to open a branch in Shanghai for non-life reinsurance. Since May 2008 it has had a branch there writing Chinese life/health reinsurance business. Going forward, both business groups will now be transacted directly from Shanghai. At the beginning of October the China Insurance Regulatory Commission (CIRC) issued the company an appropriate licence.
“This stronger presence will enable our clients to access all services from a concentrated source”, Chief Executive Officer Ulrich Wallin explained. “At the same time it gives us an optimal platform for further extending our positioning in China.” China is one of Asia’s largest insurance markets, and Hannover Re expects to grow its premium volume here in the years ahead.
The General Manager of both branches is Michael Huang, who has been with the company for a number of years in Shanghai. He has long-standing experience in the insurance industry and a superb knowledge of the Chinese market. The business written to date by Hannover Re in China encompasses obligatory and facultative non-life reinsurance across all lines as well as life reinsurance.
