Swiss Re has further strengthened its Asian presence by establishing a dedicated regional legal entity in Singapore for its Reinsurance business unit.
This new legal entity will, at the same time, become Swiss Re's regional headquarters for its network of reinsurance operations in Asia. The SIX listed firm has been associated with Asia since 1913 and currently has over 1,900 employees in the region.
The company, Swiss Re Asia, will be wholly-owned by its Zurich-based global parent, and will share Swiss Re's group credit rating, the firm said on its website.
The Asian operations will remain strongly capitalised in line with regulatory requirements and its local business will continue to be 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.
Asia Key For Swiss Re Growth
«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,» said Jayne Plunkett Swiss Re Chief Executive Officer Reinsurance Asia.
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. Emerging Asian insurance markets are expected to grow even quicker.
Swiss Re expects the Singapore-based entity and regional headquarters to be established in 2018, and the office network realigned to the new structure by 2020, subject to regulatory approval.
