Singapore: Peak Re receives composite licence from MAS
Source: Asia Insurance Review | Dec 2017
Peak Reinsurance Company, the Hong Kong-based global top-43 reinsurer, has been authorised as a life and general reinsurer by the MAS to carry on reinsurance business in Singapore since 2 November 2017.
In a statement, Mr Franz-Josef Hahn, CEO of Peak Re, said: “Asia is our core region. Peak Re has already built a sizable presence in Asia’s mature reinsurance markets including Southeast Asia. Singapore is an important market in Asia and we continue to see attractive business opportunities to support our clients. This authorisation from the Monetary Authority of Singapore will allow Peak Re to strengthen our business relationships in Singapore and deepen our client penetration.”
Peak Re added that it looks forward to serving the Singapore reinsurance market with easier access and business process as a result of the authorisation granted.
The reinsurer, which is headquartered in Hong Kong, is backed by the Chinese conglomerate Fosun International, and International Finance Corporation, a member of the World Bank Group, A