Asia

Hong Kong license for ACR

Singapore-based reinsurer Asia Capital Reinsurance Group (ACR) was granted a license from the Office of the Commissioner of Insurance in Hong Kong in late December to operate a branch office in the Special Administrative Region (SAR). Hong Kong is ACRs first branch office. The reinsurer presently has representative offices in Taiwan, India, Bahrain and joint ventures in Malaysia, Dubai, and Bahrain. John Tan, chief executive of ACR, said the new license will allow ACR to better access the Hong Kong and North East Asian markets, particularly China. The main areas of interest for the company are aviation, casualty, engineering, energy, marine and property reinsurance. He noted that the Hong Kong branch office will complement ACRs Singapore headquarters in accessing the North Asia markets. There are presently about 180 insurance firms operating in Hong Kong, including 12 of the world’s top 20 insurers and 11 of the world’s top 25 reinsurers.