PartnerRe’s US arm, Partner Reinsurance Company of the US was one of 29 companies that took part in the US trade mission to China, November 8-10, to advance trade deals between US companies and Chinese entities.
At a round table meeting on November 9 with China’s Vice Finance Minister, Zhu Guangyao, US Department of Commerce representatives, Chinese ministers and other company CEOs, Tad Walker, CEO property and casualty, PartnerRe, explained the important role of reinsurance in stimulating investment in various sectors of China’s economy and in bridging the insurance gap.
PartnerRe US is currently seeking a license to write reinsurance in mainland China where PartnerRe has done business for more than 25 years as an offshore reinsurer. As an onshore reinsurer, PartnerRe would be better positioned to offer insurers additional capacity and expertise to help insurance companies develop new consumer and corporate insurance products.
“PartnerRe wants to participate actively in the continued growth of the Chinese insurance markets in the future,” said Walker.
“China is a very important part of PartnerRe’s long-term Asia-Pacific strategy and is our single largest territory in Asia. This was an exciting opportunity to meet with regulators and insurers in China to explain the value of reinsurance in the context of the wider economy, to gain a better understanding of their specific challenges and to strengthen our relationships in the region.”
PartnerRe, US, China, Reinsurance, Tad Walker, Asia Pacific