Catlin Receives Approval To Establish Beijing Office
Bermuda based Catlin Group Limited has been granted approval by the China Insurance Regulatory Commission to open and operate a wholly owned representative office in Beijing.
Whilst no business will be underwritten from the Beijing representative office, its establishment will allow Catlin to liaise more closely with relevant departments of the Chinese government and insurance industry organisations, as well as conduct market research regarding insurance and reinsurance in China. The Beijing office will be headed by Chief Representative Freeman Zhang.
Catlin established an office in Hong Kong in 2006 and an office in Shanghai in 2007 upon the formation of the Lloyd’s China trading platform (Lloyd’s Insurance Company (China) Limited). Catlin was one of the original participants in Lloyd’s China and remains committed to playing a leading role in the platform’s growth.
In November 2011 Catlin announced that it had formed a partnership with China Reinsurance (Group) Corporation, which is jointly owned by the Ministry of Finance of China and Central Huijin Investment Corporation. As part of the partnership, China Re has established a special purpose syndicate at Lloyd’s which underwrites a whole-account quota share reinsurance of the Catlin Syndicate (Syndicate 2003).
Stephen Catlin, Chief Executive of Catlin Group Limited, said: “I am delighted that Catlin has received permission from China Insurance Regulatory Commission to establish a representative office in Beijing.
“I believe that China offers great opportunity to international insurers and reinsurers such as Catlin, and the formation of a representative office in China’s capital will allow Catlin to establish closer ties with Chinese regulators and insurance industry organizations and to conduct further research into the growing market for insurance and reinsurance in China.”
The Beijing representative office is part of Catlin’s Asia-Pacific underwriting hub, headquartered in Singapore. Besides the Beijing office, the Asia-Pacific hub has established representative offices in Tokyo and Mumbai to further Catlin’s knowledge of the markets in Japan and India. The hub also underwrites coverage through six other offices in Asia and Australia.
As part of the relationship, China Re employees will work from Catlin’s London offices as secondees, and Catlin staff will be seconded to work in China with China Re.
