Peak Re receives reinsurance licence in Singapore

Hong Kong-based reinsurer Peak Re has been granted authorisation by the Monetary Authority of Singapore to carry on writing life and general reinsurance business in the country with effect from 2 November.

The licence award was welcomed by Franz-Josef Hahn, chief executive officer of Peak Re, who emphasised the importance of the region and said the licence would make for easier access and business process. “Asia is our core region. Peak Re has already built a sizable presence in Asia’s mature reinsurance markets, including Southeast Asia.

“Singapore is an important market in Asia and we continue to see attractive business opportunities to support our clients. This authorisation from Monetary Authority of Singapore will allow Peak Re to strengthen our business relationships in Singapore and deepen our client penetration.”

The Singapore licence is a further expansion of Peak Re’s business in the region. In June this year, Peak Re was awarded a licence to operate in Labuan, the Malaysian island which is trying to develop itself as a centre for captives.

And in January, Peak Re was awarded a licence by the Swiss regulator to write reinsurance business in the country.