Swiss Re expands business interests in China
The insurance giant, Swiss Re, is increasing its business interests in China.
The Zurich-based company has bought a minority stake in China Insurance International Holdings, which has just floated on the stock market.
Swiss Re has acquired a 9.9 per cent stake in the company for SFr 25 million. CIIH’s parent company, China Insurance Group, is one of the four biggest insurance companies in China’s state run insurance sector.
It will keep a 65 per cent stake in CIIH.
Swiss Re is already active in the Chinese insurance business with footholds in Hong Kong, Beijing and Shanghai. In a company statement, Swiss Re said the investment gave it the possibility to expand its interests in a rapidly growing market.
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