‘Hong Kong is a very important step’ in Swiss Re’s evolution

Swiss Re Corporate Solutions’s new licence in Hong Kong is a further sign of the group’s move to reposition itself as a full-scale commercial insurance company.

Speaking to StrategicRISK, Swiss Re Corporate Solutions Asia-Pacific chief executive Fred Kleiterp (pictured) said the new licence was another step in the group’s “multi-year journey” and international expansion plans.

“We see coming in to Hong Kong in the wider context: the evolution of Swiss Re Corporate Solutions from being an excess and follow-market [insurer] to being a full-scale insurance provider,” Kleiterp said.

“Being licensed in an important market like Hong Kong is a very important step in that evolution.”

The group obtained formal authorisation from the Office of the Commissioner of Insurance Hong Kong on 1 September.

Swiss Re International SE, a subsidiary of Swiss Re Corporate Solutions, began operations immediately with a team of 14 staff, led by branch manager Dylan Bryant.

“Hong Kong is a sophisticated insurance market,” said Bryant. “Our experienced team of underwriters, risk engineers, claims professionals and service providers will offer superior claims servicing and innovative insurance solutions to our clients and brokers.”

The Hong Kong office will also continue to service clients in Taiwan and Macau.

In addition to standard property and casualty insurance, the branch offers professional and financial lines, engineering and construction, energy, marine, credit and customised risk-transfer solutions.

Multi-year guaranteed capacity and parametric solutions are also high on the agenda, Bryant said, as are captives and new products to manage earnings volatility.

The new branch expands Swiss Re Corporate Solutions’ operations across Asia-Pacific, which now comprises 10 offices across Australia, China, Hong Kong, Japan and Singapore.

Kleiterp said further expansion was planned but would not specify exactly where.

“Our evolution is one that points to developing our capabilities in to a full-service commercial company and we’ll continue to look for opportunities in the future as well to expand our platform,” he said.