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.
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