FuSure Reinsurance Company Limited, a joint venture controlled by Chinese multinational technology conglomerate holding company, Tencent Holdings Ltd., has obtained a license to provide reinsurance services in Hong Kong.
Established on May 25th, 2020 with HK 1 billion (approx. USD 129mn) of capital, FuSure Reinsurance is now able to underwrite general reinsurance business issued by the Hong Kong Insurance Regulatory Bureau.
Although domiciled in Hong Kong, FuSure Reinsurance will underwrite globally, and it’s expected that the company will help to stimulate technological innovation across the Hong Kong insurance sector.
Founded in 1998, Tencent leverages technology to enhance the lives of Internet users. The company invests heavily in both talent and technological innovation in order to actively participate in the development of the Internet industry.
Through its subsidiaries, Tencent provides social networking, music, web portals, e-commerce, mobile games, Internet services, payment services, entertainment, artificial intelligence, and technology solutions.
According to reports, Tencent had intended to apply for a reinsurance license as it looks to enter the insurance arena via a service direct carrier.
Currently, it remains unclear who will lead the joint venture. Although, Ren Huichuan, formerly an executive of China’s Ping An Group, is listed as a Director of FuSure Reinsurance and recently took on a role with Tencent which includes responsibilities for expanding the company’s activities in the insurance and reinsurance business.