Founded in 15 December 2003, China Property and Casualty Reinsurance Company Ltd. (“China Re P&C”, “the Company”) is a wholly-owned subsidiary of China Reinsurance (Group) Corporation (“the Group”) operating P&C reinsurance business. The Company has a registered capital of RMB 11.482billion and is headquartered in Beijing with branch offices in Shanghai and Shenzhen.
China Re P&C took over the original brand, business portfolio, client base, as well as the highly skilled team of reinsurance managers and professionals from its predecessor China Reinsurance Company. China Re P&C is committed to boosting the growth of China's insurance industry and national economy by providing sufficient reinsurance capacity and professional client services. We seek to build long-term and mutually beneficial partnerships with our clients, and provide support and protection to the reform and development of China’s insurance industry.
At China Re P&C, our strength lies in finding new ways to achieve profitability and sustainability. We position ourselves as a company built on innovative technology, sophisticated risk management, motivated talent, and a distinctive work culture.
Over years of strong growth, our business ties have expanded to dozens of client companies, serving 93% of China’s domestic P&C insurance companies. From 2004 to 2015, we have increased our premium income from RMB 2.812 billion to RMB 29.632 billion with a compound annual growth rate of 23.87%, and total assets from RMB 2.672 billion to RMB 52.190 billion, with a compound annual growth rate of 31.02%.
We offer a full range of reinsurance protection to our clients in the lines of property, short-term health and accident, agriculture, catastrophe, and specialty, in addition to comprehensive risk management services. We have been a dominant player in the domestic reinsurance market with a consistently strengthened position.
China Re P&C has been entrusted to manage and operate the Group’s international P&C reinsurance business. Through sharing resources between its domestic and international business units, China Re P&C has been actively pursuing the corporate strategy of “Market Orientation, Professionalism, and Internationalization.”
We at China Re P&C play an active role as China’s national reinsurance company, with consistently increasing capabilities of supporting the state strategy implementation and industry development. As the lead reinsurer, we contributed to the establishment of the farmhouse earthquake insurance pilot program promoted by the municipality of Dali Prefecture, Yunnan Province. We actively participated in the founding of China’s Urban and Rural Residential Building Earthquake Pool. As the management office of China Agricultural Reinsurance Pool (CARP), we facilitated the development of farm produce price index insurance products initiated by agricultural insurers. We partnered with various market players in designing China’s first earthquake index insurance product fitting the seismic features of Yunnan Province. We also promoted insurance products providing coverage for environmental pollution liability for industries like petrochemical.