Peak Re’s application to establish Labuan branch in Malaysia has been approved
Peak Reinsurance Company Limited (“Peak Re” or “the Company”), the Hong Kong-based global top-50 reinsurer, is pleased to announce that the Company has been granted the approval-in-principle by the Labuan Financial Services Authority (Labuan FSA) to carry on general reinsurance business in and through the Labuan insurance market with effect from 23rd May 2017.
Franz-Josef Hahn, Chief Executive Officer of Peak Re, said: “As one of the world’s fastest growing areas of economic cooperation, ASEAN, and in particular Malaysia, plays an important role in Peak Re’s business strategy. Our in-depth market knowledge allows us to support our clients with our wide range of reinsurance offerings. This approval from Labuan FSA will strengthen our presence in Malaysia and demonstrates our commitment to our Malaysian and ASEAN clients.”
With the approval granted, Peak Re now enjoys better access to the Malaysian reinsurance market and will be able to provide an easier business process to Malaysian clients.
Ms. Jasmine Miow, currently the Director, South Asia, SEA and MENA Markets, will be appointed as the Principal Officer of Labuan branch, based in Hong Kong. Peak Re will continue to operate as one single platform with underwriting activities centralised through Hong Kong head office.
About Peak Re
Peak Re is headquartered in Hong Kong with shareholder funds of US$841.1 million as of 31 December 2016. It is authorized by the Office of the Commissioner of Insurance of Hong Kong and is rated “A-” by A.M. Best, a leading international insurance industry credit rating agency. The Company is backed by Fosun International Limited (HK.656) and the International Finance Corporation, member of the World Bank Group, who have respectively invested 86.93% and 13.07% in the Company. Peak Re offers reinsurance services covering a range of lines across Asia Pacific, EMEA and the Americas, tailor-making risk transfer and capital management solutions to best fit clients’ needs.
