Global reinsurance firm Swiss Re has established a legal entity in Singapore which will also serve as its Asian headquarters, as it strengthens its commitment to providing reinsurance solutions across the Asia region.
The new Singapore company, Swiss Re Asia, will be wholly-owned by Swiss Re Ltd., the Zurich based parent company, and will share the group’s credit rating. Swiss Re said it will keep its new Asian operations strongly capitalised in line with regulatory requirements and backed by the financial resources of the Swiss Re Group.
Swiss Re Chief Executive Officer Reinsurance Asia, Jayne Plunkett, commented; “This move demonstrates our commitment to Asia as we become even closer to the market. As one of Asia’s largest reinsurers, we will continue to combine our global knowledge with even deeper insights into local and industry needs, to benefit our clients and partners.”
Swiss Re Asia will serve the reinsurers clients and partners across the Asia region through a network of offices, supporting its regional operations across Australia, China, Hong Kong, India, Japan, Korea, Malaysia and Singapore.
Swiss Re anticipates Asia’s non-life and life reinsurance premiums will grow by 5% and 6% respectively, over the next ten years. The company also believes that other emerging Asian insurance markets will grow more quickly.
Plunkett continued; “To embrace the fast growing insurance industry, we are committed to the growth of our talent base. This change will provide our employees with more opportunities for personal growth within the region itself.”
Swiss Re expects to set up and have the new Singapore entity and Asian headquarters by 2018, while its regional office network will be realigned to the new structure by 2020. The company said that the new structure of its reinsurance business in Asia will not affect Swiss Re Corporate Solutions in the region.
Swiss Re’s Hong Kong office will continue to lead its Asian Life & Health business and remain as a key regional base for some of Swiss Re’s Asian Property & Casualty teams.