China Property & Casualty Re Co. Ltd. has formed China Re Catastrophe Risk Management Co. Ltd.

With a registered capital of 100 million yuan, China Re Catastrophe Risk Management will create catastrophe model, pricing tools, catastrophe data platform and catastrophe assessment technology that suit the Chinese market. Its registered office is in the Chinese city of Chongqing.

China Property & Casualty Re, a subsidiary of China Reinsurance (Group) Corp., owns 70% of China Re Catastrophe Risk Management.

As of Aug. 10, US$1 was equivalent to 6.85 yuan.