New $460mn Chinese reinsurer in pipeline

Listed Chinese construction firm Jiangsu Zhongnan Construction
Group intends to launch a domestic reinsurer with a group of other
partners, according to stock exchange filings.
Jiangsu Zhongnan said that it planned to invest 600mn yuan
($91.99mn) in the venture, which would constitute 20 percent of its
total equity capital, according to a translated filing from the
company.
The other sponsors backing the start-up are Xiamen Jinyuan
Investment Group, Xiamen Haicang Investment Group and Lingyun
Ji