PartnerRe announced that Partner Reinsurance Asia a wholly owned subsidiary of PartnerRe has been licensed by the Monetary Authority of Singapore (MAS) to operate as a non-life and life reinsurer, capitalized in Singapore.
As of April 1, 2015, PartnerRe Asia will be the principal reinsurance carrier for PartnerRe’s business underwritten in Asia Pacific (APAC). Alain Flandrin, currently Head of Partner Reinsurance Europe SE, Singapore branch, has been appointed CEO PartnerRe Asia.
PartnerRe President & Chief Executive Officer Costas Miranthis said, "PartnerRe has supported the growth of insurance business in the APAC region since the Company was founded in 1993.
"Over the past year, we have localized more business in Singapore and Hong Kong and increased underwriting resources in the region to enhance proximity and responsiveness for clients. The establishment of PartnerRe Asia supports our growing underwriting presence in the region and reflects the region’s importance to our Group strategy."
PartnerRe is a global reinsurer, providing multi-line reinsurance to insurance companies. The company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies.
Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multi-line and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products.