CHINA RE GRANTED PERMISSION TO RAISE STAKE IN SUBSIDIARIES

China Re Group has received permission from the China Insurance Regulatory Commission (CIRC) to buy a further 22.06% stake in its subsidiary China Property & Casualty Re. After buying 11.03% stakes from Fuxi Investment and from Japan-based Toa Re, China Re Group’s holding will increase to 71.72%. The CIRC also granted China Re Group permission to increase its stake in its life reinsurance subsidiary to 75.1% from 45.1% and in its asset management subsidiary to 60% from 50.1%. China Re has reportedly appointed PricewaterhouseCoopers, China CITIC Securities, China International Capital Corp (CICC) and law firm King & Wood as advisers for a planned initial public offering.