Reinsurance is a game of scale
The hotly-contested auction of pan-Asian reinsurer ACR Capital Holdings illustrated Chinese players’ rush to bulk up in their home market and beyond.
Singapore-headquartered ACR said on Wednesday that two Shenzhen government-owned entities, Shenzhen Qianhai Financial Holdings QFH and Shenzhen Investment Holdings SIH, had won an auction for the firm.
In China, many banks are based in Beijing, insurers are headquartered in Shanghai and now the Chinese government wants to make Shenzhen the hub in China for reinsurance.
The chairman of QFH, Li Qiang, echoed the government's ambition when he said that he...