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.
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