Swiss Re sets up Asia hub, appoints external directors

Swiss Re has further strengthened its presence in Asia with the launch of its regional headquarters Swiss Re Asia in Singapore, and appointed a new regional board of directors for the entity.

The board of directors will provide Swiss Re Asia with external perspectives and identify emerging trends that have the potential to affect its business across the region, the company said in a Jan. 31 press release.

Swiss Re Asia's board of directors is chaired by Lim Siong Guan, former group president of GIC, and now advisor to the GIC Group executive committee.

Swiss Re Asia's CEO, Jayne Plunkett, commented: “The establishment of our regional headquarters in Singapore and a regional Board of Directors demonstrates our commitment to Asia. It brings us closer to market and allows us to better serve our regional clients through deep local insights combined with our unique global expertise.”

The newly-appointed external directors to the board include, Masaaki Shirakawa, professor at Aoyama Gakuin University and former governor of the Bank of Japan; Deanna Ong Aun Nee, chief people officer and managing director at GIC; Raymond KF Ch’ien, chairman of Hang Seng Bank, member of the board of directors of Swiss Re, the Hong Kong and Shanghai Banking Corporation and China Resources Power Holdings Company, member of the Economic Development Commission of the Government of the Hong Kong SAR; and Urs Buchmann, vice-chairman, Greater China at Credit Suisse AG Hong Kong Branch.

The board of directors also comprises five members of Swiss Re's group executive committee - Thomas Wellauer, group chief operating officer; Patrick Raaflaub, group chief risk officer; David Cole, group chief financial officer; John Dacey, group chief strategy officer; and Jayne Plunkett, chief executive officer of Swiss Re Asia.

The company stated that the composition of the board of directors ensures that the Asia-wide expertise of external board members complements the global reinsurance experience of the members from Swiss Re's group executive committee.

“It is significant that Swiss Re has set up its regional headquarters in Asia, reflecting the growing importance of the Asian market," said Jacqueline Loh, deputy managing director of the Monetary Authority of Singapore. "Through their long-term commitment to Asia, Swiss Re is fulfilling its important role in protecting societies against risk. We are pleased that Swiss Re has chosen Singapore as its base, and strengthening Singapore’s status as a global capital for Asian risk transfer.”

Siong Guan said: “The board and I are excited by the opportunities in this region and how Swiss Re Asia can be best positioned to tap into them. Asia has experienced strong economic growth and development in recent years. This naturally comes with additional risk for businesses, governments and societies. As the world becomes more interconnected, the nature of risks develops: geopolitical uncertainty, growing environmental concerns, ageing populations and new health challenges become significant issues to be addressed in this region. We look forward to working with our clients and partners here to tackle these challenges and make Asia’s societies more resilient.”

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