Hong Kong-based Peak Reinsurance Company (Peak Re) has been granted approval in principle by the Labuan Financial Services Authority to operate a general reinsurance business in the special economic zone.
The approval, which came into effect on May 23, gives Peak Re better access to the Malaysian reinsurance market and expedites business processes for its Malaysian clients.
Jasmine Miow, currently director for South Asia, Southeast Asia, and MENA markets, was named as principal officer for the Labuan branch, based in Hong Kong. Peak Re will continue to operate its underwriting activities on a single platform centralised through its head office in Hong Kong.
Franz-Josef Hahn, Peak Re CEO, commented: “As one of the world’s fastest growing areas of economic cooperation, ASEAN, and in particular Malaysia, plays an important role in Peak Re’s business strategy. This approval from Labuan FSA will strengthen our presence in Malaysia and demonstrates our commitment to our Malaysian and ASEAN clients.”
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