NU Online News Service, Oct. 13, 1:55 p.m. EDT

Hannover Re announced it has received approval to open a branch in Shanghai for non-life reinsurance as it expands operations in China.

The Hannover, Germany-based firm said early this month, the China Insurance Regulatory Commission (CIRC) issued the company an appropriate license.

Since May 2008 the company has had a branch there writing Chinese life and health reinsurance business. Going forward, both business groups will be transacted directly from Shanghai, said Hannover Re.

The business written to date by Hannover Re in China encompasses obligatory and facultative non-life reinsurance across all lines as well as life reinsurance, the company said.

"This stronger presence will enable our clients to access all services from a concentrated source," Hannover Re Chief Executive Officer Ulrich Wallin said in a statement.

He added that it also gives the company "an optimal platform for further extending our position in China." Hannover Re noted that China is one of Asia's largest insurance markets, and it expects to grow its premium volume there in the years ahead.

Michael Huang, the general manager of both branches, has been with the company for a number of years in Shanghai. He has experience in the insurance industry and a knowledge of the Chinese market, the company said.

Special Reports /

Hannover Re Strengthens P&C Presence In China

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