EXCLUSIVE: Asia Capital Re eyes global growth post acquisition
Asia Capital Re (ACR) will be well positioned to target global growth following the acquisition of its parent company by two investment corporations owned by the Chinese government, according to Hans-Peter Gerhardt, group chief executive of ACR.
The company was acquired last month by Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings (SIHC). Both are 100 percent state-owned investment corporations based in Shenzhen, China.
Gerhardt stressed that it was too soon to speculate about the future strategic direction of the company but said little is likely to change in 2017. He accepted that, long-term, the probable plan would be to broaden the reinsurer’s scope outside Asia.
“It would be realistic that we would start with certain lines such as cat business that are better written globally and then perhaps some speciality lines,” he said. “But that will not occur overnight. It will be a gradual, evolutionary approach.”
He said the new owners have been open about their international ambitions for ACR.
He was also keen to reassure existing clients in Asia that it is a case of business as usual for ACR. “Our appetite remains the same and the relationships remain the same and we will retain the same brand,” he said.
