Peak Re gets green light to set up Labuan branch in Malaysia
Hong Kong-based Peak Reinsurance Company has been granted approval by the Labuan Financial Services Authority to carry on general reinsurance business in and through the Labuan insurance market.
The company announced that Jasmine Miow, currently the director, South Asia, SEA and MENA markets, will be appointed as the principal officer of Labuan branch, based in Hong Kong.
Peak Re will continue to operate as one single platform with underwriting activities centralised through the Hong Kong head office, it added.
The approval enables Peak Re to have better access to the Malaysian reinsurance market, and will help provide an easier business process to Malaysian clients.
"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," said Franz-Josef Hahn, chief executive officer of Peak Re.
"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."
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