Hannover Re to write local reinsurance

Hannover Re, the world's fifth-largest reinsurer, is expected to get a license to underwrite yuan-denominated life reinsurance in China before the end of the year. Hannover Re opened a Shanghai office in 1997, and has since been offering reinsurance for foreign currency premiums. China's life insurance market grew an average of 30% a year from 1999-2004.