Asia Capital Reinsurance Group Wins 'Company Launch Of The Year' Award in The Review's Worldwide Reinsurance Awards 2007
Singapore, 6 September 2007– Asia Capital Reinsurance Group Pte Ltd ('ACR') has been named 'Company Launch Of The Year' by the prestigious UK-based magazine, The Review, in its 14th Worldwide Reinsurance Awards 2007. The 'Company Launch Of The Year' award is given for the most significant new venture formed in either the general insurance or reinsurance field.
Since its inception in 1994, the annual Worldwide Reinsurance Awards has been internationally acknowledged as the leading standard of recognition in the industry. Each year, the event attracts keen participation from insurance and reinsurance companies from around the world. This year's awards presentation dinner was held on Wednesday, 5 September 2007 at The Dorchester in London.
In considering ACR for the award, The Review assessed ACR's capabilities in identifying and providing a fresh approach to meeting a market need, its ability to make a mark over a short period, and its achievements.
"It is a fascinating company which has written a substantial amount of premium, but has also remained quite disciplined," said The Review in its editorial supplement of the Awards. The panel of judges also noted that ACR "is now a major force in this (Asian) region" and "has been an enormously successful capital-raising exercise" with "an excellent business plan and very good securities."
ACR's Chief Executive Officer, Mr John Tan said, "We are honoured to receive the award and would like to thank our shareholders, clients and business partners whose trust and support have helped make winning this award possible."
"ACR was specifically created to address the capacity and knowledge gap arising from the evolving needs and on-going demands of the rapidly growing Asian insurance industry. Winning the award validates our 'In Asia, For Asia' focus and affirms our commitment to delivering best-in-class services that will help our Asian clients manage their current and emerging risks, and protect and grow their businesses. Not only do we partner our clients in offering quality solutions but we also have a long-term commitment to build a bigger and stronger ACR that can bring significant benefits to Asia and enhance its stability and security," added Mr Tan.
Notes To The Editor
• ACR is one of only three Asian reinsurers (ex-Japan) to be assigned an A– (Excellent) financial strength rating by A M Best. The rating is also one of the highest ever obtained by a start-up company in Asia (ex-Japan).
• The Asset, one of Asia's leading financial magazines, named ACR's US$620 million private placement as the 'Most Innovative Deal – Equity' in its annual Triple A House & Deal Awards 2006 and said that "the transaction is the largest ever start-up private placement in Asia, marking a ground-breaking development in the reinsurance industry in the region."
Headquartered in Singapore, ACR is the first independent, non-life reinsurance group exclusively dedicated to serving clients in the fast-growing Asian region. Beyond Singapore, ACR currently has a representative office in Hong Kong and a joint venture company in Malaysia. More recently, it has received approval from Taiwan's Financial Supervisory Commission to establish a representative office in Taipei.
Rated A– (Excellent) by A M Best for its financial strength, ACR's objectives are to deliver a combination of strong Asian dedicated capacity, global underwriting standards and expertise, as well as in-depth knowledge of the Asian insurance markets to its clients, and to enhance Asia's stability and security. ACR focuses on large risk underwriting in specialist lines, including aviation, marine, energy, property, engineering and casualty.
For more information, please visit www.asiacapitalre.com or contact:
T: +65 6223 3111