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China Reinsurance Increases Stake In China Continent Property Casualty Insurance

China Reinsurance claimed 3,679.88 million CCIC shares under its wing, accounting for 96.5% of the total

China Insurance Regulatory Commission (CIRC) has announced that China Reinsurance has increased its stake in China Continent Property & Casualty Insurance to 96.5% – reported in iStockAnalyst.

Ningbo Power Development Company and other small and medium shareholders of CCIC transferred 386.86 million shares to China Reinsurance. After the transfer, China Reinsurance claimed 3,679.88 million CCIC shares under its wing, accounting for 96.5% of the total.

Ningbo Power Development Company and Beijing Songlian Innovation Technology are still holding onto their 80 million and 8 million shares in CCIC, respectively, accounting for 2.15% and 0.2% of the total.

Joincare Pharmaceutical Group Industry, another CCIC shareholder, said that CIRC has given its approval to transfer all or part of its CCIC stake to China Reinsurance. Joincare had previously held 50 million shares in CCIC, accumulating a holding cost of 51.5 million yuan.

China Reinsurance (Group) Corporation offers services in reinsurance, direct insurance, asset management, insurance brokerage and media.