Swiss Re CEO John Coomber has officially opened the company’s China branch office in Beijing. The company will offer reinsurance services in both Life & Health and P/C to China’s rapidly growing insurance market.
The new branch will be managed by Branch Manager Eric Gao. The Life & Health business will be headed by Winston Chou and the Property & Casualty business by Simon Lam.
Swiss Re’s Beijing branch will be able to underwrite in Chinese yuan, thus offering “original currency solutions to China’s insurers, in accordance with national market requirements, to facilitate local insurers’ access to Swiss Re’s globally diversified balance sheet,” said the bulletin.
“The Chinese insurance market today is demonstrating exciting growth. I am delighted that Swiss Re has received authorization to open this branch and can now participate directly in the development of the market,” Coomber indicated.
Swiss Re opened representative offices in Beijing and Shanghai in 1995 and 1996 respectively, establishing a presence in the Chinese market. It also offers educational and scientific sponsorships, and supports university research. The company’s Shanghai representative office will be maintained.
Swiss Re also operates a Branch in the Hong Kong SAR, and a liaison office in Taipei.
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