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."

Take part in our reader survey to be in with a chance to win a £3,000 corporate subscription to Intelligent Insurer

More of today's news

Travelers chief operating officer retires

Orchid Underwriters appoints CUO from Alliant Specialty

China insurance regulator to curb business of low-rated insurers: Reuters

Marsh & McLennan controller to depart; successor named

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
27 November 2017   Chubb has entered into a strategic cooperation long-term agreement with PICC Property & Casualty Company of China.
Insurance
6 March 2017   Against a backdrop of an exceptional growth rate and aggressive acquisition strategies, China is taking a more prominent role in a frantic period of re/insurance M&A activity.