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China Reinsurance Company Sets up Shanghai Branch
The Shanghai Branch of China Reinsurance Company (CRC) was set up in Shanghai Monday, the first domestic branch established by the country's only reinsurance company.
Speaking at the opening ceremony, CRC General Manager Dai Fengju said it is the first step by CRC to set up the local branch in a bid to adapt itself to the changing environment.
He explained that China's insurance and reinsurance markets are expected to open wider to the outside at a time of globalization.
With its capital assets totaling 12 billion yuan, CRC ranks 12th in the world's reinsurance markets.
The Shanghai branch will focus its attention on services for customers in six neighboring provinces and Shanghai City.
The CRC is expected to set up its Shenzhen Branch on September 28.
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