XL Insurance (China) Company Ltd, AXA XL’s China subsidiary, has received approval from the country’s financial regulator to change its business license from insurance to reinsurance.
Following the green light from the China Banking and Insurance Regulatory Commission (CBIRC), the new reinsurance legal entity will be named XL Reinsurance (China) Company Limited (AXA XL Re China) and provide non-life reinsurance in the market. According to AXA XL’s statement, the new entity will be the first reinsurance subsidiary domiciled in Shanghai and the first foreign-owned reinsurance subsidiary in China.
“Being the first foreign-owned reinsurance subsidiary in China further demonstrates AXA XL’s commitment to the Chinese market,” said Peter Schmidt, AXA XL’s chief executive for emerging markets and CUO credit and surety – reinsurance. “This move is in line with the Shanghai government’s policy of establishing the Shanghai international reinsurance centre.”
“We appreciate the continued support and trust from our cedants and brokers who have been working with us for many years,” said Phil Xue, head of reinsurance and country manager for China, AXA XL. “China is a key market for us, and we look forward to continuing these partnerships as an onshore reinsurer.”
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