Swiss Re to set up Asian reinsurance headquarters in Singapore
Zurich-based Swiss Re is establishing a regional legal entity in Singapore for its reinsurance business unit.
The reinsurance giant’s new legal entity will also double up as the regional headquarters for its network of reinsurance operations in Asia.
Swiss Re Asia is slated to be established next year while the office network will be realigned to the new structure in the next three years based on regulatory approval. The proposed new structure of the reinsurance business will have no impact on the Swiss Re Corporate Solutions in Asia, stated Swiss Re.
According to Swiss Re, its Asian operations will continue to be strongly capitalized in accordance with regulatory requirements. Besides, the financial resources provided to support its local business will remain intact.
Swiss Re Asia, which will be wholly-owned by Swiss Re, will also share the latter’s group credit rating.
The Zurich-based reinsurer says that its decision will align its legal entity structure across the Asia, Europe and Americas segments.
Through its network of offices, Swiss Re Asia will continue to provide services to its partners and clients in Asia by replicating its current footprint in China, Australia, Hong Kong, Japan, India, Malaysia, Singapore and Korea.
Swiss Re reinsurance Asia CEO Jayne Plunkett, says: "This move demonstrates our commitment to Asia as we become even closer to the market. 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."
Swiss Re’s branch in Hong Kong will continue to serve as the Asian hub for the Life & Health business of the company besides being retained as the base for various Property & Casualty teams.
In India, Swiss Re opened a new branch in Mumbai this February to commence operations in both the both non-life and life and health reinsurance sectors.
Image: Head office of Swiss Re in Zurich, Switzerland. Photo: courtesy of Swiss Re.