AXA XL has received the approval from China Banking and Insurance Regulatory Commission (CBIRC) to convert its China subsidiary XL Insurance to a reinsurance entity.

This move is said to be in line with the Shanghai government’s policy of establishing the Shanghai international reinsurance centre.

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The regulatory approval positions the venture as the first Shanghai-based reinsurance subsidiary and the first foreign-owned reinsurance subsidiary in China.

This new reinsurance legal entity will be named XL Reinsurance (China) Company Limited (AXA XL Re China) once the registration process is finalised.

AXA XL Re China will offer non-life reinsurance in the country.

AXA XL reinsurance operation Asia head Ann Chua said: “In order to get closer to our clients and deepen our local insights, we have strengthened our in-country team. This, coupled with our international underwriting experience and strong balance sheet, means we can provide our clients and brokers with even greater value and services in this important and dynamic market.”

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Reinsurance head and country manager for China Phil Xue said: “We appreciate the continued support and trust from our cedants and brokers who have been working with us for many years. China is a key market for us, and we look forward to continuing these partnerships as an onshore reinsurer.”

AXA XL is the property & casualty and specialty risk division of AXA. It is considered to be one of the world’s largest P&C reinsurers with presence in all major global reinsurance markets.