Munich Re looking for joint venture partners
June 28, 2010 Category Finance, Weekly
Munich Re is looking for Chinese partners to form life and property insurance joint ventures, Chief Executive Nikolaus von Bomhard told a briefing. Munich Re opened its first representative office in China in 1997 and it obtained a reinsurance operating license in 2003, the first international company to receive such approval in the country. It hopes to set up a joint-venture life insurer, to be followed later by a property venture. A foreign investor can own up to 50% of a joint-venture life insurer while the investment cap for a non-life insurer is set at 25%. The company is now actively working with several clients to develop new products. The insurance penetration rate is low in China at 3.3%, compared with 7.8% in the U.S. and 6.6% in Germany, Munich Re said.
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