HANNOVER RE CONSIDERS CHINA EXPANSION

GERMAN reinsurance giant Hannover Re is mulling an application for a wider reinsurance licence in China. The company currently has a life reinsurance licence but its chief executive Wilhelm Zellar has told reporters it is considering widening its scope to other lines. According to local reports this year’s snow storm that brought devastation to swathe of southern China and the May Sichuan earthquake left the reinsurer facing a Euro20m loss, outstripping its revenue from the country. Earlier this year the reinsurer received the go-ahead from the Chinese insurance authorities to establish a branch ion Shanghai with Yuan200m in working capital.