China Reinsurance (Group) Corporation has completed the establishment of its previously announced subsidiary, China Reinsurance Digital Technology Co., Ltd. (CRDT), which will provide IT services to member companies and launches with registered capital of 200 million yuan (USD 27.4 million), solely funded by the firm.
In a previous filing, China Re announced that as part of its “14th Five-Year” strategic plan, it proposes the establishment of a subsidiary engaging in digital technology of the company when conditions are suitable.
The reinsurer said at this time that the launch of such an entity is conducive to strengthening its network security, information security, and data security.
CRDT has now been officially launched, and is expected to play a key role in building China Re’s capabilities of technology empowerment, data asset accumulation, and data value exploration.
Previously, China Re stated that this is of “great strategic significance to accelerate the digital transformation of China Re Group and advance its high-quality development.”
In accordance with the relevant provisions of the Company Law of the People’s Republic of China, CRDT will not have shareholders’ meetings, and China Re Group will exercise its power as its shareholder and form a board of directors.
Registered in Beijing, CRDT is positioned as the Group’s technology resource integration management platform, technology construction and operation sharing service platform, and technology service capability support and empowerment platform.
Through the establishment of an efficient decision-making operation mechanism, incentive system, and a technology service and innovation system, China Re says that CRDT aims to build a powerful technology engine that will carry it towards the goal of growing into a world-class comprehensive reinsurance group.
