November 20, 2017
PartnerRe U.S. Promotes Value of Reinsurance in China
PEMBROKE, Bermuda, November 20, 2017 – Partner Reinsurance Company of the U.S. was one of 29 companies that took part in the U.S. trade mission to China, November 8-10, to advance trade deals between U.S. companies and Chinese entities. Tad Walker, CEO Property and Casualty, PartnerRe, attended on behalf of PartnerRe, the only reinsurer in the contingent.
At a round table meeting on November 9 with China’s Vice Finance Minister, Mr. Zhu Guangyao, U.S. Department of Commerce representatives, Chinese ministers and other company CEOs, Mr. Walker explained the important role of reinsurance in stimulating investment in various sectors of China’s economy and in bridging the insurance gap.
PartnerRe U.S. is currently seeking a license to write reinsurance in mainland China where PartnerRe has done business for more than 25 years as an offshore reinsurer. As an onshore reinsurer, PartnerRe would be better positioned to offer insurers additional capacity and expertise to help insurance companies develop new consumer and corporate insurance products.
“PartnerRe wants to participate actively in the continued growth of the Chinese insurance markets in the future,” said Mr. Walker. “China is a very important part of PartnerRe’s long-term Asia-Pacific strategy and is our single largest territory in Asia. This was an exciting opportunity to meet with regulators and insurers in China to explain the value of reinsurance in the context of the wider economy, to gain a better understanding of their specific challenges and to strengthen our relationships in the region.”
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company’s three segments: P&C, Specialty, and Life and Health. For the year ended December 31, 2016, total revenues were $5.4 billion. At September 30, 2017, total assets were $23.6 billion, total capital was $8.2 billion and total shareholders’ equity was $6.8 billion. PartnerRe enjoys strong financial strength ratings as follows: A.M. Best A / Moody’s A1 / Standard & Poor’s A+.
PartnerRe on the Internet: www.partnerre.com
|Celia Powell – Media
Elizabeth Deacon – Media