Berkshire Hathaway unit General Re, one of the largest reinsurance firms in the world, announced plans to open a branch office in Shanghai, its first in China. Company representatives said that the RMB 300 million required registered capital is in place.
The China Insurance Regulatory Commission invited General Re to apply for a license to enter the life and property/casualty insurance market in November 2003. If the license is granted, General Re will be the third large foreign reinsurer to enter the mainland market. Swiss Re and Munich Re opened offices in Beijing in 2003.