20 December 2013 Insurance

Asia Capital Re appoints CRO

Asia Capital Reinsurance Group (Asia Capital Re) has appointed Raymond Cheung as chief risk officer, to oversee and drive the company’s Enterprise Risk Management (ERM) programme.

Cheung has more than 10 years’ experience in the general insurance industry and specifically in ERM, actuarial pricing, reserving, capital modelling, mergers and acquisitions and credit rating. He joins Asia Capital Re from AIG Asia Pacific, where he held the same position.

Cheung is responsible for the strategic direction of Asia Capital Re’s risk management framework, central of which is its ERM programme. His responsibilities also include driving the operational effectiveness of the risk management systems through the design and implementation of processes for risk identification and monitoring, as well as the development of risk controls and mitigation procedures.

“I am very excited to be part of such a young and dynamic company as Asia Capital Re,” said Cheung. “ERM is relatively under-developed in Asia compared with the West and I am heartened that Asia Capital Re appreciates it for the potent tool that it is in holistically managing the multi-factorial and multi-directional risk elements that can affect a company, both from within and in the milieu of an increasingly uncertain risk landscape. I look forward to working very closely with my colleagues here in contributing to a sustainable Asia.”

Commenting on Cheung’s appointment, Dr Reto Brosi, chief executive of Asia Capital Re, said: “This year, we have invested in realigning the organisation to accord ERM and retrocession and accumulation programmes double the resources. With Raymond helming our ERM system, Asia Capital Re’s ability as a stabilising force in Asia for Asia’s socio-economic development, is greatly enhanced.”

Cheung is an Associate of the Institute & Faculty of Actuaries UK and also an Associate of the Singapore Actuarial Society.

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