+
NEW REINSURANCE COMPANY FORMED
A new reinsurance company which is expected to nlay a major role in developing Hong Kong as a leading international reinsurance centre has been formed in the territory. The promotors of East Point Reinsurance Company of Hong Kong Limited (East Point Re) are Jardins, Matheson & Co., Ltd, The Hongkong and Shanghai Banking Corporation and C.7. Bowring & Co., Ltd which, between them, hold a majority interest in the company.
This partnership between two leading Hong Kong Groups, each with extensive insurance interests, and one of the world's largest insurance and reinsurance brokers and underwriters, reflects the growing importance of Hong Kong as a financial and insurance centre.
The other shareholders are likely to be: Assurance Generales de France, The Chubb Corporation of the United States, Ming An Insurance Co. (H.K.) Ltd, which is closely related to the People's Insurance Company of China, New Zealand Insurance Co., Ltd, Nippon Fire and Marine Insurance Co., Ltd of Japan, and Vesta Insurance Company of Norway. Participation by these large and well-known companies reinforces the international nature of the new company.
#
"Hong Kong, with its sophisticated banking and investment facilities, excellent accounting and legal services, and reliable communications, provides an ideal environment for a well capitalised reinsurance operation, said Mr P.L. Macdougall, Chairman of East Point Re and a Director of Jardines. According to Mr Macdougall the new company's international affiliations cover North America, The People's Republic of China, Europe and Asia.
David White has been appointed as the Chief Executive of East Point Re, and will take up his duties later this year. Mr White, who is well known to the London market, has over twenty years experience of international insurance broking and underwriting, gained with companies including Alexander Howden, Willis Faber and the Baloise.
East Point Re will have an issued and fully paid up capital of HK$30 million and it is intended that this will be increased when the company commences full scale operations.