China Re rises in global reinsurance rankings
On Aug 29, AM Best, the world’s leading insurance rating institution, released its Market Segment Report: Global Reinsurance.
The report revealed that in 2018, China Re ranked seventh by gross premium written and secured sixth spot by net premium written among international reinsurers worldwide.
The progress enabled China Re to further improve its position in the global reinsurance marketplace and enhanced its international influence.
In 2018, without taking its newly acquired UK Chaucer Group into account, China Re’s gross reinsurance premium income recorded more than $11 billion, and its net premium volume recorded $10.7 billion, both achieving double-digit year-on-year growth.
Since China Re’s debut on AM Best’s global reinsurers ranking in 2011, the company has maintained eighth position for several consecutive years.
In 2018, China Re surpassed Reinsurance Group of America and moved up one spot to seventh, upping its net premium income global ranking from seventh to sixth.
China Re has been assigned an “A” rating by AM Best for nine consecutive years since its first Best’s rating in 2010.
These excellent ratings reflect China Re’s “very strong” capacity in its balance sheets, robust business performance and leading position in China’s reinsurance market.
The award also echoes with China Re’s unique strengths as the only State-owned reinsurer in China.
The company holds dear its original aspiration and mission in mind — it strives to empower the insurance sector and deliver a better life for people.
Meanwhile, the company dutifully performs its functions as the main channel and the leading player of China’s reinsurance business.
Since 2016, China Re has been putting in place the “One-Three-Five” Strategy and focusing on three major initiatives of “platform operation, technology advancement and globalization”.
Its successful practices in globalization were particularly noteworthy.
The company acquired Chaucer Group, a specialty insurance expert with a top-quartile ranking at Lloyd’s of the United Kingdom, established China Re Singapore Branch, built the integrated management platform for overseas assets, co-founded a global service network with overseas insurers and extended its global presence.
Currently, China Re’s international business accounts for 12.9 percent of the total business mix, with more than 500 staff members located in its overseas establishments, and possesses operational vehicles in nine countries and regions across the world.
China Re also owns the largest global network among domestic insurers, offering local service channels for China’s overseas interests in 135 countries and regions.
These efforts remarkably strengthened China Re’s participation and influence in the global reinsurance industry.