China Reinsurance finishes restructuring, has IPO plans

China Reinsurance Group has completed a company restructuring, Xinhua reported (in Chinese). The new company, known as the China Reinsurance Group Company Ltd, was approved by the State Council and China Insurance Regulatory Commission and launched on Wednesday. The new shareholding company was co-founded by the Ministry of Finance (MOF) and the Central Huijin Investment Corporation with US$4.82 billion in registered capital, of which Central Huijin controls 85.5% and the MOF holds the balance. China Reinsurance is China's largest reinsurer with 80% market share. The new company has plans to introduce domestic and international strategic investors in the future and go for a public listing "at an appropriate time."