CHINA RE PLANS TO BUY OUT ALL SUBSIDIARIES BEFORE IPO

State-owned reinsurer China Re plans to buy out all of the subsidiaries that it does not currently own before it undertakes its estimated $2.6bn initial public offering, reports South China Morning Post . A Xinhua report stated that the shares would be listed in Shanghai and Hong Kong and that the reinsurer would focus on agricultural and natural disaster reinsurance. The China Insurance Regulatory Commission (CIRC) is understood to have asked that China Re complete its restructuring before it offers shares to the markets. Earlier this month China Re bought 80m shares in China Life Re from Japan-based Toa Re, Fuxi Investment and TICH-NITIC Medical Industry Co. The Group bought 160m shares each in China P/C Reinsurance from Toa and Fuxi, increasing its stake to 72% in China P/C and 75% in China Life Re It increased its stake in China Re Asset Management to 60% (120m shares) after buying 19.8m shares from Fuxi.