Reinsurance Group of America, Incorporated (NYSE: RGA) announced today that its primary operating subsidiary, RGA Reinsurance Company, has received approval from the China Insurance Regulatory Commission (CIRC) of its application to operate a Branch Office in Shanghai, China.
The Shanghai branch office will significantly increase RGA’s presence in China and will permit it to provide a full range of services to insurers operating in this important and growing market. RGA has maintained a presence in China since 2005, when it received approval to open a representative office in Beijing. RGA will continue to maintain its representative office in Beijing.
Greig Woodring, President and Chief Executive Officer, Reinsurance Group of America, Incorporated, stated, "I am very pleased that RGA has been authorized to operate a branch office in China, and that we will now be able to offer our full range of services and innovative solutions to insurers there. We recognize the uniqueness and potential of the Chinese insurance market, and we hope to leverage our extensive experience developed in other markets around the world to the benefit of insurers operating in this market."
RGA has a strong presence throughout Asia Pacific, with operations in Australia, Hong Kong, India (offshore), Japan, Malaysia (Labuan), New Zealand, Singapore (offshore), South Korea and Taiwan, and also provides offshore reinsurance services to clients in Indonesia, Macau, the Philippines, Vietnam and Thailand. The Shanghai branch office will be RGA’s eighth business unit in the Asia Pacific region.
Allan O’Bryant, Executive Vice President, Head of Asia Markets, commented, "In every country in which RGA operates, we focus on the specific needs within that market, and provide our clients with the many benefits of our wide-ranging, global experience in managing risk and generating new opportunities. We look forward to growing and prospering with our partners, both existing and new, in the insurance industry in China."