Global reinsurer Swiss Re has announced an internal restructuring that will see the business of its Australia Branch (SRAU) transferred to Swiss Re Asia (SRAL).
Swiss Re Asia was first announced in 2017 and serves clients and partners throughout the region.
The company’s operations in South Korea and Singapore have already been integrated under this structure, with the remaining Asian operations to be integrated over the course of the next few years.
A spokesperson for the reinsurer stated that the restructuring will not change the firm’s day-to-day operations, contract terms and conditions or personnel.
The decision follows an internal assessment which concluded that the interests of the policyholders of SRAU will not be adversely affected as a consequence of the transfer.
Based in Singapore, Swiss Re Asia is wholly-owned by Swiss Re and shares the group’s credit rating.
The reinsurer says its Asian operations are strongly capitalised in line with regulatory requirements and backed by the financial resources of the group.