XL Insurance (China) Company has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) for a reinsurance license.
AXA XL’s China subsidiary, which has a S&P A+ financial strength rating, previously had an insurance license.
The reinsurance legal entity will be named XL Reinsurance (China) Company (AXA XL Re China) after the registration process is finalised. It will be the first foreign-owned reinsurance subsidiary in China, providing non-life reinsurance in China.
Peter Schmidt, chief executive emerging markets and chief underwriting officer for credit and surety – reinsurance, said: “Being the first foreign-owned reinsurance subsidiary in China further demonstrates AXA XL’s commitment to the Chinese market. This move is in line with the Shanghai Government’s policy of establishing the Shanghai international reinsurance centre.”
Ann Chua, head of Asia for AXA XL’s reinsurance business, said: “In order to get closer to our clients and deepen our local insights, we have strengthened our in-country team. This, coupled with our international underwriting experience and strong balance sheet, means we can provide our clients and brokers with even greater value and services in this important and dynamic market.”
Phil Xue, head of reinsurance and country manager for China, added: “China is a key market for us, and we look forward to continuing these partnerships as an onshore reinsurer.”
XL Insurance China, AXA XL, Peter Schmidt, Ann Chua, Phil Xue