China approves a new state-back agricultural reinsurance firm - Xinhua

China Reinsurance (Group)

28/08/2020 07:51

BEIJING, Aug 28 (Reuters) - China's banking and insurance
regulator has approved a new state-backed agricultural
reinsurance firm, the state-owned Xinhua News Agency reported on
Friday.
    The new reinsurance company, with registration capital of
16.1 billion yuan ($2.34 billion), is co-established by nine
shareholders including the Ministry of Finance, China
Reinsurance Group Corp  1508.HK , country's largest reinsurance
giant, and Ping An Property & Casualty Insurance Co, a uint of
Ping An Insurance Group  601318.SS  2318.HK , Xinhua said.
    The firm will help expanding the insurance coverage of
catastrophe losses, and further safeguard country's agricultural
production, according to the report.

($1 = 6.8667 Chinese yuan renminbi)

 (Reporting by Cheng Leng and Gaberiel Crossley; Editing by Toby
Chopra)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))