Oct. 26, 2009 (China Knowledge) - Bohai Property Insurance Co Ltd, China's first property insurance company headquartered in Tianjin, said Friday that it has received approval from the China Insurance Regulatory Commission to issue RMB 500 million worth of ten-year callable subordinated bonds.

The company became the first among China's small and medium-sized property insurers to be allowed to issue subordinated bonds this year, according to a statement the company released on its website.

Proceeds from the issuance will be used to replenish the company's supplementary capital and to boost its capital adequacy ratio.

As of the end of September, the insurer had earned RMB 90 million in pre-tax profit and the firm's solvency adequacy ratio had exceeded 300%.

Bohai Property Insurance currently has a registered capital of RMB 1.1 billion and is equally held by Tianjin TEDA Investment Holding Co Ltd, Jsinlien (Tianjin) Investment Trade Co Ltd, Northern International Trust and Investment Co Ltd, Tianjin Bonded Zone Investment Co Ltd and Tianjin TEDA Group Co Ltd.