AXA XL gets green light for first foreign reinsurance subsidiary in China
Re/insurer AXA XL has become the first company to receive green light from Chinese regulator to establish a foreign-owned reinsurance subsidiary in the country.
AXA XL Re China will be the first reinsurance subsidiary domiciled in Shanghai. It will provide non-life reinsurance in China.
China Banking and Insurance Regulatory Commission (CBIRC) has approved the company to change its business license in China from an insurance license to reinsurance.
The new reinsurance legal entity will be named XL Reinsurance (China) Company (AXA XL Re China) after the registration process is finalised.
“Being the first foreign-owned reinsurance subsidiary in China further demonstrates AXA XL’s commitment to the Chinese market. This move is in line with the Shanghai Government’s policy of establishing the Shanghai international reinsurance centre,” said Peter Schmidt, chief executive emerging markets and CUO credit and surety – reinsurance.
Ann Chua, head of Asia for AXA XL’s reinsurance business commented: “In order to get closer to our clients and deepen our local insights, we have strengthened our in-country team. This, coupled with our international underwriting experience and strong balance sheet, means we can provide our clients and brokers with even greater value and services in this important and dynamic market.”
“We appreciate the continued support and trust from our cedants and brokers who have been working with us for many years. China is a key market for us, and we look forward to continuing these partnerships as an onshore reinsurer,” added Phil Xue, Head of Reinsurance and Country Manager for China.
