PICC P&C, PICC Re sign reinsurance agreement

Posted On: May. 19, 2017 4:00 AM CST

The People's Insurance Company (Group) of China Ltd.'s subsidiaries PICC Property and Casualty Co. Ltd. and PICC Reinsurance Co. Ltd. have signed a reinsurance agreement under which PICC P&C will cede property premiums to PICC Re, Asia Insurance Review reported. PICC P&C will cede up to 50 billion Chinese yuan ($7.3 billion) of its book per year in exchange for a maximum of CNY 16 billion in commissions. The agreement will expire on Dec. 31.