China Reinsurance Co, China's sole reinsurer, established three subsidiaries as part of its restructuring into a financial holding company.
One subsidiary, China Continent Property Insurance, will engage in direct property insurance and is located in Shanghai. The other two subsidiaries, China Property Reinsurance and China Life Reinsurance, were opened in Beijing.
China Property Reinsurance and China Life Reinsurance both have RMB 800 million in registered capital. Foreigners hold a 16.25 percent stake in China Property Reinsurance and a 24.9 percent stake in China Life Reinsurance. Chinese media reported that International Finance Co and Toa Reinsurance are among the foreign shareholders.