The Catlin Group Limited announced that it has been granted approval by the China Insurance Regulatory Commission [CIRC] to open and operate a wholly owned representative office in Beijing. The office will be headed by Chief Representative Freeman Zhang.
The representative office “further increases Catlin’s commitment to the insurance and reinsurance market in China,” said the bulletin. As a representative office it will not underwrite business; however, Catlin said its establishment would allow the company to “liaise more closely with relevant departments of the Chinese government and insurance industry organizations, as well as conduct market research regarding insurance and reinsurance in China.”
Catlin has long recognized the growing importance of the China market. It established an office in Hong Kong in 2006 and an office in Shanghai in 2007 upon the formation of the Lloyd’s China trading platform (Lloyd’s Insurance Company (China) Limited). Catlin was one of the original participants in Lloyd’s China and remains committed to playing a leading role in the platform’s growth.
In November 2011 Catlin announced that it had formed a partnership with China Reinsurance (Group) Corporation [China Re], which is jointly owned by the Ministry of Finance of China and Central Huijin Investment Corporation. As part of the partnership, China Re has established a special purpose syndicate at Lloyd’s which underwrites a whole-account quota share reinsurance of the Catlin Syndicate (Syndicate 2003).
Catlin said the partnership with China Re allows it “to expand its knowledge of insurance and reinsurance practices in China. In return, the alliance helps China Re to gain a better knowledge of Lloyd’s and helps to increase China Re’s presence in the international reinsurance market.
“As part of the relationship, China Re employees will work from Catlin’s London offices as secondees, and Catlin staff will be seconded to work in China with China Re.”
Chief Executive Stephen Catlin commented: “I am delighted that Catlin has received permission from China Insurance Regulatory Commission to establish a representative office in Beijing. I believe that China offers great opportunity to international insurers and reinsurers such as Catlin, and the formation of a representative office in China’s capital will allow Catlin to establish closer ties with Chinese regulators and insurance industry organizations and to conduct further research into the growing market for insurance and reinsurance in China.”
The Beijing representative office is part of Catlin’s Asia-Pacific underwriting hub, headquartered in Singapore. Besides the Beijing office, the Asia-Pacific hub has established representative offices in Tokyo and Mumbai to further Catlin’s knowledge of the markets in Japan and India. The hub also underwrites coverage through six other offices in Asia and Australia.
Source: Catlin Group
Topics Excess Surplus Reinsurance China Market Lloyd's
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