Bermudian reinsurer PartnerRe took part in the US trade mission to China earlier this month, as it staked its claim to grow its business in the world’s second-largest economy.

The company today said that its subsidiary, Partner Reinsurance Company of the US, was one of 29 companies to take part in the trade mission from November 8 to 10, and the only reinsurer.

Tad Walker, chief executive officer, property and casualty for PartnerRe attended round-table talks with Chinese government ministers, US Department of Commerce representatives and other company CEOs on November 9. The group included China’s vice finance minister, Zhu Guangyao.

Mr Walker explained the important role of reinsurance in stimulating investment in various sectors of China’s economy and in bridging the insurance gap, PartnerRe said.

PartnerRe US is seeking a licence to write reinsurance in mainland China where the company has done business for more than 25 years as an offshore reinsurer.

As an onshore reinsurer, PartnerRe said it would be better positioned to offer insurers additional capacity and expertise to help insurance companies develop new consumer and corporate insurance products.

“PartnerRe wants to participate actively in the continued growth of the Chinese insurance markets in the future,” said Mr Walker.

“China is a very important part of PartnerRe’s long-term Asia-Pacific strategy and is our single largest territory in Asia.

“This was an exciting opportunity to meet with regulators and insurers in China to explain the value of reinsurance in the context of the wider economy, to gain a better understanding of their specific challenges and to strengthen our relationships in the region.”