The new structure aims to capitalise on the region’s projected insurance growth
Reinsurance giant Swiss Re will open a new regional headquarters in Singapore next year for its reinsurance business unit.
The new entity, to be called Swiss Re Asia, will oversee the reinsurer’s business in the region, which currently spans Japan, South Korea, China, Hong Kong, Australia, Singapore, Malaysia and India.
The restructure is owing to projected growth – and future group expansion – within the region, Swiss Re said in a press release.
The new entity will be wholly owned by the Zurich-based parent and inherit its credit rating.
After the regional headquarters is established in 2018, Swiss Re will realign the regional office network by 2020 so that its clients and partners in Asia are served by Swiss Re Asia through the local branch network. Currently, the regional business is handled out of Zurich.
The new structure of the reinsurance business does not affect Swiss Re Corporate Solutions in Asia.
Swiss Re chief executive reinsurance Asia Jayne Plunkett said: “This move demonstrates our commitment to Asia as we become even closer to the market.”
Plunkett will continue to head the regional operations as chief executive of the new entity.
Asia now accounts for 30% of global insurance premiums, compared to 20% in 2007, according to Swiss Re. The company expects the region’s non-life and life premiums to grow by 5% and 6% respectively, in real terms per annum in the coming decade.