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China Oceanwide Holdings Group Co., Ltd. is looking to launch a new reinsurer with an initial investment of 2 billion Chinese yuan ($313 million), reported Artemis.bm.
The Chinese conglomerate is planning to finance and launch the reinsurer with several other Chinese firms from various sectors. The new entity has been temporarily named as Asia-Pacific Reinsurance Ltd. The reinsurer will underwrite property insurance, reinsurance and international retrocession, among other lines.