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Hannover Re opens office in China

Hanover, 22 July 1997:

Effective 16 July 1997 Hannover Re has received official approval from the People's Bank of China to open a Representative Office in Shanghai. With the abolition of the old monopoly in the Chinese insurance market, China has been a priority market for the world's fifth-largest reinsurer ever since last year. Hannover Re already entertains good business relations with all major insurance companies in China. In its press release, the company stated that with its new office it would be able to serve the rapidly expanding Chinese market even more efficiently, operating right on the spot where demand arises. A further point is that the new office allows even better contacts with current and future cedants. The establishment of the new office will be accompanied in future by training facilities passing on Hannover Re's know-how in the assessment of risks and loss prevention to local insurers in China. The office is run by Xiaonan Zhang, already a member of Hannover Re's Asian team for the last 8 years.