Swiss Re plans to launch in 2018 a subsidiary in Singapore, which will become the company’s regional headquarters for its reinsurance operations in Asia.
The company, Swiss Re Asia, will be wholly owned by its Zurich-based global parent, Swiss Re Ltd., will share Swiss Re’s group credit rating and will supported by the financial resources of the Swiss Re Group.
Swiss Re Asia will continue to serve its clients and partners across the region through its network of offices, mirroring its existing footprint in Australia, China, Hong Kong, India, Japan, Korea, Malaysia and Singapore, the company said.
“This move demonstrates our commitment to Asia as we become even closer to the market,” said Jayne Plunkett, Swiss Re chief executive officer, Reinsurance Asia, in a company statement.
“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,” she went on to say.
The new structure of the reinsurance business will not affect Swiss Re Corporate Solutions in Asia, Swiss Re said.
Swiss Re Hong Kong branch, which was established in 1956, will continue to be the Asian hub for the company’s life & health business. It will also remain as the base for a number of its property and casualty teams.
During the process to create the subsidiary, business will continue as normal for Swiss Re’s clients and partners, Swiss Re affirmed. The terms and conditions of agreements with Swiss Re, as well as the company’s obligations, remain unchanged. Clients and partners will also continue to be served by the same local teams.
Asian Insurance Sector
The Asian insurance sector has seen strong growth over the past decade, with the region now accounting for 30 percent of global insurance premiums, compared to 20 percent in 2007, noted the company in a statement.
Swiss Re expects the region’s non-life and life premiums to grow by 5 percent and 6 percent, respectively, in real terms per annum in the coming decade. Emerging Asian insurance markets will grow even faster, the company added.
Swiss Re has been associated with Asia since 1913 and has over 1,900 employees in the region.
Source: Swiss Re