Inreon, the online reinsurance trading platform, has expanded into the Asian market with the opening of
a new office in Hong Kong. It hopes to have its Internet platform ready to go in time for renewals on April 1.
“A number of the region’s leading reinsurance buyers have already signed up as members of inreon including three of the five largest insurers in Taiwan,” said the company’s announcement. The expansion into Asia by inreon, which was established by Munich Re and Swiss Re in December 2000, marks its entrance into an important and expanding reinsurance market. “Asia’s annual non-life reinsurance premiums are estimated to be worth around US$10bn.”
The company, whose shareholders now include a number of other insurers in addition to its founders, provides on-line quotations for standard reinsurance programs. ”
The expansion is expected to greatly increase the volume of reinsurance business conducted online and further enhance the panel of blue-chip reinsurers currently offering capacity via the platform,” it indicated.
Hong Kong was chosen as the Asian headquarters of inreon for its proximity to some of Asia’s biggest markets, and its acknowledged financial leadership. Alex Chu will head the new branch. He brings 20 years experience in the Asia reinsurance market, having most recently served as non-life director for ERC Asia Pacific and general manager of GE Frankona Reinsurance Hong Kong.
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