HANNOVER RE RECEIVES FULL CHINA BRANCH LICENCE

Germany’s Hannover Re has received final approval for its branch office in Shanghai. It completed the first step in 2006, but the latest operating approval means it is now fully licensed as a reinsurance branch in the city. Hannover Re has had a presence in Shanghai since 1996 when it opened a representative office headed by Xiaonan Zhang. According to a statement from the China Insurance Regulatory Commission (CIRC), Hannover Re’s Shanghai branch will have working capital of Yuan200m. A spokeswoman for Hannover Re said the Shanghai branch would focus on life, health and personal accident reinsurance. And she added there were currently no plans to apply for a non-life licence in the region. Hannover Re joins other global reinsurance players in China, including Munich Re, Swiss Re, General Re, and Lloyd's. Scor has also been granted approval for a non-life reinsurance branch operation in Beijing (IDnewscentre, Feb 7). State-owned China Re remains the dominant player in China, accounting for 80% market share.