Peak Reinsurance, a Hong Kong-based global top-50 reinsurer, has been granted 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 23 May 2017.
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.
In a statement issued this week, Mr Franz-Josef Hahn, CEO 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.”
Peak Re will continue to operate as one single platform with underwriting activities centralised through Hong Kong head office.
Peak Re is backed by Fosun International and the International Finance Corporation, member of the World Bank Group, which 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, creating risk transfer and capital management solutions to best fit clients’ needs.