18 December 2017Insurance

Air Worldwide cooperates with China's PICC Re

Catastrophe modelling firm AIR Worldwide is collaborated with China's PICC Reinsurance Company (PICC Re) to improve the assessment and management of the reinsurer’s growing portfolio of catastrophe risk business.

PICC Re received approval from China's insurance regulator CIRC (China Insurance Regulatory Commission) to start operating as a stand-alone reinsurance entity.

PICC Re is a start-up that is 51 percent-owned by The People's Insurance Co (Group) of China and 49 percent-owned by PICC Property and Casualty Company, the largest P&C insurer by premiums in China, according to Moody’s. PICC Group is majority-owned by the Chinese government through the Ministry of Finance and the Social Security Fund. Moody's considers PICC Re as a government-related issuer given its effective government ownership (calculated to be 68.6 percent).

The company has been on the lookout for strategic allies that could offer comprehensive assistance with pricing and management of its fast-growing reinsurance book of business, it said.

"We are honoured and delighted that PICC Re has decided to leverage the combined power of our software platform, our market-leading models, and our renowned in-country customer support team to price and manage its reinsurance book of business," said Milan Simic, executive vice president and head of global business development for Verisk Insurance Solutions and AIR.

"Our business relationship with PICC has been ongoing for more than a decade and coincides with the opening of AIR's office in Beijing and our major presence and investment in the country. This long-term collaboration will only strengthen our commitment and focus on the fast-evolving and growing insurance and reinsurance market in China and the wider Asia-Pacific region, where companies are increasingly turning to AIR for sophisticated tools and services to assess and manage their catastrophe risk."

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