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CIC takes over supervision of China Re's management team

(Agencies)
Updated: 2009-06-18 17:04

China Investment Corp, the country's $200 billion sovereign wealth fund, said Wednesday it has taken over the supervision of China Reinsurance (Group) Corp's management team from the insurance regulator.

The information, disclosed in a statement on CIC's Web site Wednesday, didn't say how China Reinsurance's daily operations will be supervised following the change.

CIC's news department said the move gives CIC responsibility for naming senior managers at China Reinsurance.

Related readings:  CIC goes on global hiring spree  CIC to offer $159m loan to Aussie firm  China Reinsurance back in the black  CIC confirms financing deal with Goodman Group

Central Huijin Investment Co, an investment arm of CIC, injected $4 billion into China Reinsurance in April 2007, helping the country's largest reinsurer to restructure into a corporation.

Central Huijin owns 85.5 percent of China Reinsurance, as a result of the recapitalization, and the Ministry of Finance owns the remaining 14.5 percent.

Central Huijin has also made capital injections in China's biggest commercial banks and a number of other major State-controlled financial institutions. It has stated, however, it won't intervene in the daily operations of the institutions it controls.