📋 Tender Overview
AXA XL announced its China subsidiary XL Insurance China Company Limited has received green light from China Banking and Insurance Regulatory Commission CBIRC to change its business license in China from an insurance license to reinsurance. The new reinsurance legal entity will be named XL Reinsurance China Company Limited AXA XL Re China after the registration process is finalized. With a strong SP A financial strength rating AXA XL Re China will be the first reinsurance subsidiary domiciled in Shanghai and the first foreign-owned reinsurance subsidiary in China. It will provide non-life reinsurance in China.Commenting on the development Peter Schmidt Chief Executive Emerging Markets and CUO Credit and Surety Reinsurance said Being the first foreign-owned reinsurance subsidiary in China further demonstrates AXA XLs commitment to the Chinese market. This move is in line with the Shanghai Governments policy of establishing the Shanghai international reinsurance centre.Ann Chua Head of Asia for AXA XLs reinsurance business commented 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.We appreciate the continued support and trust from our cedants and brokers who have been working with us for many years. China is a key market for us and we look forward to continuing these partnerships as an onshore reinsurer added Phil Xue Head of Reinsurance and Country Manager for China.AXA XL is one of the worlds largest PC reinsurers with a leading position in all major global reinsurance markets.
