Leading reinsurer relocates Asian HQ to Hong Kong

The world's second largest reinsurance firm, Swiss Re, will relocate its Asian headquarters from Zurich to Hong Kong early next year in what is seen as a strong vote of confidence in Hong Kong.

Swiss Re's move is the latest of recent investments in Hong Kong by large multinational corporations (MNCs) in the insurance sector. The UK-based Standard Life Investments and the French-based AXA Group have both established Asia Pacific headquarters in Hong Kong in the past few months.

"I am delighted that Swiss Re has decided to join our international family of more than 3,000 foreign-owned companies with regional headquarters or offices in Hong Kong," said Financial Secretary Mr Antony Leung, who was guest of honour at a cocktail reception hosted by Swiss Re to celebrate its 45th anniversary in Hong Kong today (November 1).

"Hong Kong is a leading insurance hub in Asia, and the world's top insurance companies are already here. Swiss Re's decision to boost their presence is a vote of confidence in Hong Kong's sound economic fundamentals.

"We have an unrivalled free market philosophy, the free flow of information and capital, excellent telecommunications, and of course strong business connections with the Mainland."

Mr Leung stressed that there was great potential in the insurance industry, with growing demand for insurance products in the region.

Swiss Re's new divisional headquarters in Hong Kong will oversee and manage 14 offices in Asia.

"The move to Hong Kong is designed to expand Swiss Re's market leadership and to meet the current and future requirements of the Asian insurance industry," said the Chief Executive of Swiss Re's Asia Division, Mr Pierre Ozendo.

"We chose Hong Kong as our Asian hub because it has a strong infrastructure, it is the gateway to China, located centrally within Asia and is already home to a number of other Swiss Re operations. There is also the availability of insurance and other financial professionals here."

The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, also attended the celebration reception.

"The rationale behind Swiss Re's decision to upgrade its Hong Kong operations is quite clear. Hong Kong is the most competitive city for penetrating the markets of Greater China and North Asia," said Mr Rowse.

"MNCs are flocking to Hong Kong to tap the tremendous business opportunities ahead of China's accession to the World Trade Organisation."

Founded in Zurich in 1863, Swiss Re has 9,000 employees in over 70 offices in more than 30 countries worldwide. The company provides risk transfer, risk financing and asset management to a global client base. In the 2000/01 fiscal year its gross premium volume was US$16 billion.

Photo: The Financial Secretary, Mr Antony Leung, and the Director-General of Investment Promotion, Mr Mike Rowse, attend a cocktail reception hosted by Swiss Re to celebrate its
45th anniversary in Hong Kong. The company will relocate its Asian headquarters from Zurich to Hong Kong in early 2002. Photo shows (from left) Swiss Re's Chief Executive Officer (China Markets), Mr Franz-Josef Hahn; Mr Rowse; Mr Leung; Chief Executive of Swiss Re's Asia Division, Mr Pierre Ozendo; and Swiss Re's General Manager (Hong Kong), Mr Simon Lam at the cocktail reception.

Ends/Thursday, November 1, 2001