CHINA RE HK BEING AUTHORIZED TO CARRY ON INSURANCE BUSINESS IN OR FROM HONG KONG BY HONG KONG INSURANCE AUTHORITY
On December 16th, 2019, China Reinsurance (Hong Kong) Company Limited (hereinafter referred to as "China Re Hong Kong") was officially authorized by the Insurance Authority to carry on reinsurance business of long term business in or from Hong Kong.
China Re Hong Kong is a wholly-owned subsidiary of China Life Reinsurance Company Ltd. with a paid-up capital of HK $ 2 billion. It is registered in Hong Kong and provides a full range of risk protection and customized reinsurance solutions for Asian and global markets. China Re Hong Kong mainly operates the life and health reinsurance business, and offers a wide range of reinsurance products, such as life and health insurance, etc. By providing treaty reinsurance and facultative reinsurance, it can transfer and mitigate insurance risks via proportional or non-proportional reinsurance arrangement.
China Re Hong Kong is the first domestic insurance company approved to be established in Hong Kong since the establishment of the China Banking and Insurance Regulatory Commission. The company will give full play to the functions of risk management, technology advancement and financing in the scope of life reinsurance, as well as the “Belt and Road Initiative”, and the construction of Guangdong-Hong Kong-Macao Greater Bay Area, so as to contribute to the prosperity and development of the insurance industry in Hong Kong and Mainland China.