Bermuda-headquartered reinsurance firm PartnerRe is looking to gain more seamless access to business from China, as it seeks a license to underwrite reinsurance onshore in the country.
<PartnerRe has been underwriting reinsurance in China, as an offshore reinsurer, for more than 25 years. But the firm recently sent its U.S. arm, Partner Reinsurance Company of the U.S., as one of 29 firms taking part in a U.S. trade mission to China, with the goal of increasing its ties in the country.
Tad Walker, CEO Property and Casualty at PartnerRe, attended on behalf of the company, which was the only reinsurer involved in the trade mission.
“PartnerRe wants to participate actively in the continued growth of the Chinese insurance markets in the future,” commented Walker. “China is a very important part of PartnerRe’s long-term Asia-Pacific strategy and is our single largest territory in Asia. This was an exciting opportunity to meet with regulators and insurers in China to explain the value of reinsurance in the context of the wider economy, to gain a better understanding of their specific challenges and to strengthen our relationships in the region.”
With an onshore reinsurance license, PartnerRe would be able to offer more of its capacity and expertise to Chinese insurers, to assist them in developing new product offerings and lines of business.
During the trade mission, at a meeting with , Walker explained the important role that reinsurance can play in helping to stimulate investment in China’s economy and in bridging the insurance protection gap.