Central Reinsurance Corporation (Taiwan, China)

Central Re was a state-owned company for more than 3 decades. Along with the government's policy of liberalization and privatization of its state-owned enterprises, Central Re began its process of privatization in 2000. On 6 July 2000, Central Re successfully completed its initial public offering by releasing 15.77% of the MOF's shareholding to the public, and then became a listed company. On 11 July 2002, the MOF further reduced its shareholding to 48.12%, and Central Re officially became a private company. Central Re in August 2003, on behalf of the Taiwan Residential Earthquake Insurance Pool, sponsored Formosa Re Ltd. to issue the first catastrophe bond for Taiwanese earthquake risk, making it the 2nd securitization of catastrophe risk in Asia. On 23 June 2004 the “Central Reinsurance Corporation Act” expired. Central Re has since been independent of state influence, and is becoming more active in the international market and more aggressive in creating its product value and service. Being a private and listed company, Central Re is able to raise capital freely according to management's needs and judgment. In order to cope with the growing needs of capacity enlargement along with business growth, the capital stock of Central Re has increased in stages. On August 31, 2005 Central Re's paid-up capital increased to NT$5 billion. The Evergreen Group's shareholding increased to 53.23%. Meanwhile the MOF's shareholding was further decreased to 23.28%. The Evergreen Group's continued increase of its shareholding in Central Re shows its recognition of Central Re's past performance as well as its commitment to Central Re's future development. For those who are not familiar with the Group, Evergreen Marine Corp. was founded almost forty years ago on September 1968. Since its establishment, EMC consistently has earned acclaim for high-quality integrated service. In order to realize the vision of “Being Global Evergreen”, in 1984 EMC began to offer two-way round-the-world full-container service, which was a very important milestone in marine transportation development history, and from this time onwards, EMC has been one of the top-five global container shipping companies. Drawing upon EMC's solid foundation in international marine transportation, the scope of the Evergreen Group's operations has progressively expanded over oceans, continents and skies including terminals, heavy industry enterprises, aviation, tourism industry and insurance business. After joining the Evergreen Group, Central Re has earned more capital injection, and it also has won support in developing overseas business. In pursuing the vision of becoming the best professional reinsurer in Asia, we believe that the Evergreen Group will share with Central Re its abundant resources and experiences and with this support Central Re's future will certainly be bright and prosperous.