China AXA China Region Insurance Company (Bermuda) (AXA Insurance) has announced the official name change of XL Reinsurance (China) Company (XL Re China) to AXA International Reinsurance (Shanghai) Company (AXA International Re).
The change took effect on 16 October 2024, following approval from the National Financial Regulatory Administration (NFRA). The reason for the change is to reinforce brand synergy and expand reinsurance operations in mainland China.
AXA Insurance completed the acquisition of all the shares of XL Re China in April.
AXA International Re has also managed to obtain all regulatory approvals for necessary corporate changes and nomination of key directors and officers, after the completion of the acquisition.
“By leveraging data, pricing strategies, and market expertise, AXA International Re is now in a very good position and will focus on developing products and pricing, offering a wider range of reinsurance solutions to its clients in the mainland Chinese market,” said AXA Insurance.
Ms Sally Wan, CEO of AXA Greater China, said, “AXA entered into the Chinese insurance market in the 1990s. As a global leading insurer, we are actively refining our business development strategy to strengthen our presence in mainland China.
“The collaborative efforts of the AXA entities across the Greater China have been instrumental in enhancing our capabilities and ensuring our success in this dynamic region.”
In Greater China, companies under the AXA umbrella include AXA Hongkong and Macau, Axa International Re, AXA Tianping P&C Insurance, ICBC-AXA Life, and AXA Asian Markets Services which specialises in information technology services in Asia.