Partner Reinsurance Company (PartnerRe) was part of a US trade mission to China that sought to improve business ties between the countries.
The trade mission, which included 29 firms, happened from November 8 to 10. PartnerRe was the sole reinsurer that participated in the mission, and was represented by Tad Walker, CEO for property & casualty.
During the trade mission’s meeting with China’s vice minister of finance Zhu Guangyao, Walker explained the importance of reinsurance in stimulating investment in various sectors of China’s economy and in bridging the insurance gap in a developing market.
“PartnerRe wants to participate actively in the continued growth of the Chinese insurance markets in the future,” Walker said regarding the mission. “China is a very important part of PartnerRe’s long-term Asia-Pacific strategy and is our single largest territory in Asia. This was an exciting opportunity to meet with regulators and insurers in China to explain the value of reinsurance in the context of the wider economy, to gain a better understanding of their specific challenges and to strengthen our relationships in the region.”
PartnerRe is currently seeking a licence to offer reinsurance business in mainland Chinese market, where it has been doing business as an offshore reinsurer for 25 years. If it is given permission to operate as an onshore reinsurer, PartnerRe will be in a better position to offer additional capacity and expertise to the market’s primary insurers.
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