Munich Re scales back HK office, expands in Beijing

September 27 2016 by InsuranceAsia News Staff

As part of its efforts to streamline its business operations, Munich Re, one of the leading reinsurance companies in the world, is scaling back its Hong Kong office while at the same time expanding its operations in Beijing.

The reinsurer also intends to expand its office in Singapore to play a bigger role in managing its business in the South-East Asian region.

Until now, the Hong Kong and Singapore sites have shared regional responsibility.

The company will increase its staff in Singapore, where it already employs 200 people.

It also plans to expand in Tokyo and to close its offices in Shanghai and Kuala Lumpur.

Company officials said the reorganisation will be completed by the end of next year.

In a statement, Munich Re said the overhaul aims to focus more closely on local markets while creating a more flexible structure.

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