Transfer of Reinsurance Business between Swiss Reinsurance Company Ltd, Hong Kong Branch and Swiss Re Asia Pte. Ltd., Hong Kong Branch
Transfer of our long-term reinsurance business:
Swiss Reinsurance Company Ltd, Hong Kong Branch ("SRZHK") will be transferring its long-term reinsurance business to Swiss Re Asia Pte. Ltd., Hong Kong Branch ("SRALHK"), through a Scheme of Transfer under Section 24 of the Hong Kong Insurance Ordinance (the "Scheme").
The Scheme is expected to take effect on 1 January 2020 or such other date as may be approved by the Court of First Instance of Hong Kong.
On the effective date of the Scheme, the entire long-term business carried on in or from Hong Kong by SRZHK shall be transferred to SRALHK. Should you wish to view the information relating to the transfer under the Scheme, please click on the below document links:
1. Statutory Statement which includes the client communications letter sent to individual clients (English version)
2. Statutory Statement which includes the client communications letter sent to individual clients (Chinese version)
3. Petition
6. Supplementary client notification letter (English version)
7. Supplementary client notification letter (Chinese version)
8. Independent Actuary Report (updated as of 18 September 2019)
9. Independent Actuary Supplementary Report
10. First Court Order (24 July 2019)
11. Second Court Order (4 October 2019)
Transfer of our general reinsurance business:
Swiss Reinsurance Company Ltd ("SRZ") and Swiss Re Asia Pte. Ltd. (“SRAL”) have entered into a business transfer agreement whereby all of Swiss Reinsurance Company Ltd, Hong Kong Branch's ("SRZHK ") general business will be transferred to Swiss Re Asia Pte. Ltd., Hong Kong Branch ("SRALHK "), subject to the approval of the Hong Kong Insurance Authority ("HKIA") ("Proposed Transfer").
Under the Proposed Transfer, the transfer of reinsurance contracts entered into or renewed on or before July 31, 2019 ("Cut-off Date") will be carried out by way of an application to the HKIA pursuant to section 25D of the Hong Kong Insurance Ordinance ("S25D Transfer"); and the transfer of reinsurance contracts entered into or renewed after the Cut-off Date will be transferred by way of novation.
The Proposed Transfer is planned to be effective 1 January 2020 subject to the HKIA's approval of the S25D Transfer. Should you wish to view the information relating to the Proposed Transfer, please click on the below document link:
If you have any queries, please contact your Swiss Re Client Manager, Key Account Manager, or email us at [email protected].