Peak Reinsurance Co. Ltd., a Hong Kong-based reinsurer, has been granted the approval-in-principle by the Labuan Financial Services Authority to carry on general reinsurance business in and through the Labuan insurance market.
Labuan is the the federal territory of Malaysia. It is made up of Labuan Island and six smaller islands.
Franz-Josef Hahn, chief executive officer of Peak Re, said Malaysia plays an important role in Peak Re’s business strategy.
Fosun International Ltd., the Chinese insurance-to-tourism conglomerate, owns about 87 percent of Peak Re. The World Bank’s International Finance Corp. owns the remaining 13 percent of the company.
Topics Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
Vehicle Complexity Complicates Auto Valuation, Says JD Power 
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
Convicted Insurance Mogul Lindberg Should Pay $1.6B Restitution to Companies 
Connecticut High Court: Injured Rental Car Occupants Covered for Uninsured Motorist 
