(Yicai) Nov. 7 -- The Shanghai Insurance Exchange’s international reinsurance trading platform, launched late last month, has inked its first inward business agreement at the sixth China International Import Expo.

AXA Hong Kong Property & Casualty Insurance was the original insurer, while AXA Tianping Property & Casualty Insurance was the reinsurer, and the trade involved the cross-border motor insurance business in the Guangdong-Hong Kong region that started on July 1, according to the contract penned yesterday.

The two insurers are registered with the Shanghai reinsurance market’s international board and completed the deal through its global reinsurance trading platform, AXA Tianping told Yicai.

The deal marks a significant milestone in building Shanghai into an international financial center, Wang Junshou, head of the China Banking and Insurance Regulatory Commission's Shanghai office, said at the signing ceremony.

The international board is an important platform and window for China to take part in the global reinsurance market and boost its pricing power and voice in the field, he added.

The SIE launched the international reinsurance business trading platform along with the first batch of market rules on Oct. 26 after the NAFR and the Shanghai government announced its development back in June.

The Lingang New Area of the Shanghai Free Trade Zone then set up a special zone for international reinsurance business, with the first eight insurers settling in September and a second group of seven to move in soon.

SIE Chairman Ren Chunsheng said the global reinsurance board will be divided into three sectors: a domestic market sector, a cross-border market sector that supplies overseas reinsurance products, and another cross-border market sector that offers domestic reinsurance products. Foreign organizations are welcome to participate in the latter two as sellers and buyers, Ren added.

Editors: Tang Shihua, Martin Kadiev