PICC Re receives regulatory approval

PICC Re is set to become China's third local reinsurer after
receiving the green light from the country's insurance
regulator.
The venture, established by The People's Insurance Company
(Group) of China and PICC Property and Casualty Company, was first
reported by The Insurance Insider on 13
September 2015, and follows the launch of Taiping Reinsurance's
Chinese platform last month.
PICC Re will be based in Beijing and will launch with 1bn yuan
($153mn) of start-up capital.
Dr Sheng Hetai, an...