Zhibao Technology Inc., a China-based InsurTech company specialising in digital embedded insurance through its 2B2C business model, has announced further progress in the expansion of its wholly owned reinsurance subsidiary, Zhibao Labuan Reinsurance Company Limited, with new business development activity targeting Hong Kong and Southeast Asian markets.
Zhibao Labuan Re was established in Labuan, Malaysia, in 2024 and holds a General Reinsurance licence issued by the Labuan Financial Services Authority. The subsidiary forms part of Zhibao Technology’s wider strategy to develop its international reinsurance operations.
As part of this expansion, Zhibao Labuan Re is working with a global reinsurer in Singapore and a Chinese state-owned insurer in Hong Kong on potential cross-border reinsurance arrangements. The proposed activities span several insurance categories, including medical, accident, property and liability risks.
Zhibao Technology also confirmed that Zhibao Labuan Re has, for the time being, opted not to participate in AM Best’s interactive rating process. The company said the decision has not prevented the subsidiary from progressing operational and treaty arrangements with established regional insurance and reinsurance partners.
The firm stated that its Singapore-based collaboration is focused on exploring potential cross-border reinsurance treaties covering a range of risks. While no specific premium income forecast has been provided for the prospective arrangements, the company expects the agreements to contribute to premium generation over the coming years.
The development of these relationships is intended to support Zhibao Labuan Re’s efforts to access reinsurance opportunities outside mainland China and build connections between Chinese insurance risks and markets across Southeast Asia.
Zhibao Technology also pointed to the completion of its PIPE transaction, which it said has improved the group’s balance sheet position. According to the company, the strengthened financial position gives Zhibao Labuan Re an opportunity to increase its capital reserves and reinforce its own balance sheet.
The additional financial capacity is expected to support the subsidiary’s underwriting activities and expand its ability to facilitate risk transfer. The company said Zhibao Labuan Re intends to use this capacity as it develops its role in connecting mainland Chinese risks with reinsurance markets across Southeast Asia.
