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China Int'l Reinsurance wins approval to open Beijing branch

Published: 26 Nov 2008 01:48:35 PST

Nov. 26, 2008 (China Knowledge) - China International Reinsurance Co (CIRe), a wholly-owned unit of China Insurance International Holding Co (CIIH)<966>, has won the approval from the China Insurance Regulatory Commission (CIRC) to open a new branch in Beijing, the Shanghai Securities News reported on Wednesday.

The new branch will have operating capital of US$10 million, and He Jianyong will be appointed as general manager of the Beijing branch.

The Hong Kong-based company was approved from CIRC to set up Beijing branch earlier this year, but in July CIRe announced it secured a three-month extension from CIRC to establish the new branch without providing the reasons, China Knowledge reported earlier.

Incorporated in Hong Kong in 1980, CIRe is mainly engaged in writing reinsurance for all types of insurance policies. Its Beijing representative office started operations in 2005.

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