FOR INFORMATION ONLY
Asia Capital Reinsurance Group Extends Asian Footprint to Bahrain and Taiwan
Singapore, 2 November 2007 – Asia Capital Reinsurance Group Pte Ltd (‘ACR’) announces today that it has received approval from the Central Bank of Bahrain to establish a Representative Office in Manama, the capital city of the Kingdom of Bahrain. ACR also announces the official opening of its Taipei Representative Office today.
Both the Bahrain and Taipei Representative Offices will increase ACR’s accessibility to clients in the Kingdom of Bahrain and Taiwan respectively by serving as liaison centres for their reinsurance needs and promoting ACR’s reinsurance solutions and services.
"Expanding our presence in Asia(1) demonstrates our confidence and continued commitment to the reinsurance industry in the region. It also reinforces our ‘In Asia. For Asia.’ principle on which ACR was founded, i.e., an Asian reinsurance company that Asian businesses can specifically rely on for the capacity, underwriting expertise and Asian insights to protect their growing assets,” said ACR’s Chief Executive Officer, Mr John Tan.
ACR Bahrain Representative Office
The ACR Bahrain Representative Office is managed by General Manager, Mr Heini Buergi, who is also the Chief Operating Officer of ACR. Mr Buergi is a 26-year reinsurance industry professional with broad experiences and practical understanding of strategic and operational issues. The Bahrain Representative Office is expected to commence operations in November 2007.
Said Mr Buergi, “The Middle East is a region of thriving economies that offers tremendous growth potential for the insurance/reinsurance industry. The Bahrain Representative Office is a significant step for ACR in this important market. It will enable us to extend our global expertise and offering of customised solutions in large risk underwriting to clients in the country.”
Added Mr Buergi, “In addition, we expect our licence to be a catalyst for deepening and expanding our client relationships. More specifically, we hope to contribute to the development of the region by entering the ReTakaful sector and addressing the special demands of the fast-growing Takaful industry.”
ACR Taipei Representative Office
ACR’s Taipei Representative Office, which celebrates its official opening today, is located at the following address:
Asia Capital Reinsurance Group Pte Ltd
Taipei Representative Office
32nd Floor, Room 3204
333 Keelung Road, Section 1
Taipei 110, Taiwan
Tel: +886 2 2757 9622
Fax: +886 2 2757 6928
Email: general@asiacapitalre.com
It is headed by Chief Representative, Ms Emily Lin, a reinsurance professional with more than 15 years of experience in the Taiwanese reinsurance industry.
Remarked Ms Lin, “Notwithstanding the outflow of domestic enterprises, in particular, the labour-intensive manufacturers, the capital and technology-intensive sector continues to perform strongly and to drive economic growth. At the same time, however, they are facing broader and larger risks in the light of a globalised marketplace and innovative technology.”
“At ACR Taipei Representative Office, we pay particular attention to local needs and partner domestic insurance companies to provide clients with customised reinsurance and risk management solutions. The opening of ACR Taipei Representative Office also demonstrates our commitment to bridge the knowledge and capacity gap in the non-life insurance industry in Taiwan.”
With these latest additions to its Asian network, ACR now has a presence in Hong Kong, Taiwan and Bahrain as well as a joint venture company, Asia Capital Reinsurance Malaysia Sdn Bhd, in Malaysia.
Notes To The Editor
• The Asset, one of Asia's leading financial magazines, named ACR's USD620 million private placement as the ‘Most Innovative Deal – Equity’ in its annual Triple A House & Deal Awards 2006 and said that "the transaction is the largest ever start-up private placement in Asia, marking a ground-breaking development in the reinsurance industry in the region."
• UK-based The Review – Worldwide Reinsurance, the leading magazine for the international reinsurance industry, named ACR as ‘Company Launch Of The Year’ in its 14th Worldwide Reinsurance Awards 2007 and said that ACR “is now a major force in this (Asian) region” and “has been an enormously successful capital- raising exercise” with “an excellent business plan and very good securities.”
About ACR
Headquartered in Singapore, ACR is the first independent, non-life reinsurance group exclusively dedicated to serving clients in the fast-growing Asian region. Rated A– (Excellent) by A M Best for its financial strength(2), ACR’s objectives are to deliver a combination of strong Asian dedicated capacity, global underwriting standards and expertise, as well as in-depth knowledge of the Asian insurance markets to its clients, and to enhance Asia’s stability and security. ACR focuses on large risk underwriting in specialist lines, including aviation, marine, energy, property, engineering and casualty. More information about ACR is available at www.asiacapitalre.com
Notes: (1) Defined as stretching from the Middle East to Asia Pacific.
(2) ACR is one of only three Asian reinsurers (ex-Japan) to be assigned an A– (Excellent) financial strength rating by A M Best. The rating is also one of the highest ever obtained by a start-up company in Asia (ex-Japan).
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