China's PICC expands use of internal reinsurance

The property and casualty division of the Peoples' Insurance
Company China (PICC) has signed a new reinsurance agreement with
PICC Re, according to a statement released today.
The deal will see PICC P&C cede property premiums to PICC Re
in exchange for fees.
PICC will cede up to CNY50bn ($7.26bn) of its book per year in
exchange for a maximum of CNY16bn ($2.3bn) in fees.
Both companies are owned by PICC Group.
The move is a sign that PICC is...