Reinsurance News
PICC
China’s PICC P&C enters into reinsurance agreements with PICC Re & PICC HK
31st December 2025
Chinese domestic insurer PICC Property and Casualty Company Limited (PICC P&C) has entered into reinsurance agreements with PICC Reinsurance and PICC HK, its sister entities under the ultimate parent PICC Group. PICC P&C entered into separate one-year agreements with both entities, effective from 1 January to 31 December 2026. This framework regulates ... Read the full article
PICC P&C posts 26.2% fall in net profit for 9M’23
30th October 2023
China’s PICC Property and Casualty Company (PICC P&C) reported a net profit of RMB19,386 million for the nine months ended September 30, representing a year-on-year decrease of 26.2%. The decline in net profit can be attributed to three main factors: the resurgence of auto transportation, the adverse effects of severe typhoons ... Read the full article
PICC P&C to inject 2 billion yuan into PICC Reinsurance
13th October 2023
China's PICC Property and Casualty Company (PICC P&C) has entered into a capital increase agreement with PICC Group and PICC Reinsurance, under which the reinsurer will receive a capital increase of 2 billion yuan (USD 274 million). The announcement from PICC P&C confirms that PICC Group will make a capital contribution ... Read the full article
PICC pays 60% of compensation claims from Typhoon Doksuri
31st August 2023
The People’s Insurance Company of China (PICC), one of largest insurance companies operating in China, has paid out 60% of the compensation claims it received pertaining to the damage caused by super Typhoon Doksuri, which caused record rainfall in northern China earlier this month. Doksuri has gone on to become the ... Read the full article
Great Wall Re cat bond issued in Hong Kong for PICC P&C
3rd January 2023
Chinese domestic insurer PICC Property and Casualty Company Limited has sponsored a $32.5 million Great Wall Re Limited deal to provide it with earthquake reinsurance in the third catastrophe bond issuance to be domiciled in and issued out ... Read the full article
PICC gives vape company $160m product liability cover
2nd December 2021
People's Insurance Company of China (PICC) has announced an International Warranty Service (IWS) strategic cooperation with vape brand GEEKVAPE. The agreement involves a product safety liability insurance policy with a coverage of up to 1 billion yuan (US$ 160 million). The International Warranty Service will act as an additional protection and commitment ... Read the full article
China’s PICC targets LatAm, applies for reinsurance license in Argentina
4th July 2019
State-owned re/insurer the People’s Insurance Company of China (PICC) is currently seeking permission from Argentine insurance watchdog SSN to operate as an admitted reinsurer and is on track to launch in September, according to reports from BNamericas. Once launched, PICC will become the first Chinese re/insurer to operate in Argentina. The firm ... Read the full article
Munich Re provides reinsurance on new PICC solar deal
12th June 2018
Munich Re is set to provide reinsurance to the People's Insurance Company of China Holdings Company (PICC) following PICC’s deal with solar technology firm Astronergy to supply 10-12 years product warranty and 25 years performance warranty for modules delivered to registered international projects in 2018. By assigning dedicated financial capacity for ... Read the full article
PICC receives approval for Shanghai public offering
7th June 2018
State-owned re/insurer the People’s Insurance Company of China (PICC) has received approval from China’s securities regulator regarding an application for an initial public offering (IPO) on the Shanghai Stock Exchange. PICC has applied to issue up to 4.6 billion shares on the Shanghai Stock Exchange, according the prospectus the company filed ... Read the full article
Chubb partners with Chinese insurance giant PICC
28th November 2017
Chubb has entered into a strategic cooperation agreement with China's largest property and casualty insurer, PICC Property & Casualty Company. The agreement enables PICC to leverage Chubb's global capabilities and is in line with the Chinese government's drive to promote international expansion and cooperation to support its "One Belt Road" initiative. "For ... Read the full article
PICC Reinsurance gets capital injection from owners People’s Insurance & PICC
30th August 2017
Chinese reinsurance firm PICC Reinsurance Company limited is getting a capital injection from its two owners, People’s Insurance Company (Group) of China Limited and its subsidiary PICC Property and Casualty (P&C) Company Limited. The pair are contributing a combined RMB 2 billion (approx $303.4m) to increase the share capital of PICC ... Read the full article
China’s PICC to self reinsure with PICC Re
16th May 2017
China's PICC Property & Casualty (P&C) Company Limited has entered into a reinsurance arrangement with the parent owned PICC Re reinsurance company. PICC P&C is part of the People's Insurance Company (Group) of China Limited, which also owns the reinsurer PICC Re. The paid have entered into an agreement which will see ... Read the full article
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