Reinsurance provider Swiss Re has opened up a Singapore branch and received its insurance licence for the region.

The licence allows the branch to begin operations immediately and forms part of the company’s strategy to expand its presence in Asia in domestic and wholesale insurance, comments Fred Kleiterp, head of Asia Pacific.

The company was already operating in the region through fronting – a procedure in which a primary insurer acts as the insurer of record by issuing a policy, but then passes the entire risk to a reinsurer, like Swiss Re, in exchange for a commission.

“The difference with the new licence is that now there is a fully-fledged Swiss Re Corporate Solutions-owned entity that will write the business locally, with our own fully dedicated staff based in Singapore,” a spokesperson tells GTR.

Angela Kelly will be appointed as the Singapore branch’s CEO. Kelly already works for Swiss Re as the head of casualty Asia, a position she will retain.