New Hong Kong reinsurer launched by China’s Tencent

A new reinsurer has been formed in Hong Kong backed by Chinese multinational technology conglomerate holding company, Tencent Holdings.

FuSure Reinsurance Company Limited, formed on May 25, has obtained a license to provide reinsurance services in Hong Kong. It has been launched with some HK$1 billion ($130 million) of capital.

Although based in Hong Kong, it appears that FuSure Reinsurance will write business globally.

Tencent is a financial technology company that develops a number of consumer-orientated internet-based innovations.

In June last year, Ren Huichuan, a senior executive at China’s Ping An Group, joined the business prompting speculation it would look to launch an insurance venture.

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