Global reinsurance giant Swiss Re has announced today that it is setting up a new combined Property & Casualty (P&C) Reinsurance Underwriting Hub for the Asia Pacific region.
The new Hub will be led by Sharon Ooi, as Head P&C Underwriting for Asia, Australia & New Zealand.
Ooi will be tasked with bringing the expertise of Swiss Re’s many underwriting teams in the region together under one banner, including its facultative business, to serve its customers from a single point.
With one underwriting hub dealing with the full range of property and casualty reinsurance underwriting, Swiss Re aims to “support its clients more efficiently with a focus on profitable growth across the region.”
Ooi will continue to be based out of Swiss Re’s Singapore office and will alongside the reinsurers regional business heads. Ooi will also continue to serve as the reinsurers Chief Executive Officer for Swiss Re Singapore.
Victor Kuk will take over Ooi’s previous role as Head, P&C client markets for Southeast Asia, India, Korea, Hong Kong and Taiwan. Kuk has a background in product innovation as well as experience working with clients and will be tasked with further developing Swiss Re’s P&C business in the region. Kuk is based in Hong Kong.
The two new appointments will be effective as of the 1st July 2017. Swiss Re’s clients and partners will continue to be served by the same local teams.
Jayne Plunkett, Swiss Re Chief Executive Officer Asia, commented on the announcement; “These appointments are great examples of the diverse skillsets and talent that Swiss Re has in Asia. The new hub combines our global knowledge with even deeper insights into local markets and industry needs, to benefit our clients as they continue to grow their businesses across Asia Pacific.”
Swiss Re says that it expects Asia’s non-life and life re/insurance premiums to grow by 5% and 6% respectively, in real terms per annum over the next ten years, with some emerging Asian insurance markets expected to grow even faster.
Swiss Re has been linked with re/insurance in Asia since 1913 and at this time has more than 1,900 employees in the region.