ACR Capital Holdings
Nature of Business
Singapore headquartered Asia Capital Reinsurance Group (ACR) is the world’s first independent reinsurance group with an exclusive focus on serving clients in the fast-growing pan-Asian region, extending from the Middle East, through China to Japan and South East Asia . ACR is rated A- for its financial strength by AM Best and Standard & Poor’s.
Established as a start-up in 2006 by CEO, John Tan, ACR has strong capacity in the Asian market, global underwriting standards and expertise, as well as an in-depth knowledge of the Asian insurance markets. It specialises principally in the aviation, casualty, group medical, motor, energy, engineering, marine and property sectors.
Our Singapore team led our investment in ACR in November 2006, contributing US$200m of the total US$620m: the largest ever private placement for a start-up company in Asia.
We were introduced to John Tan in early 2006 when he was looking for a local investment partner to create ACR. Our experience in the insurance sub-sector, specifically through our European investment in Aspen Re, was a key factor in building a strong relationship with the company.
Through our Business Leaders Network we introduced Thaddeus Beczak as Chairman in 2006. A former Chairman of Nomura Asia, Beczak brought a wealth of Financial Services experience to the business and he helped ACR develop world class governance frameworks that met the increasing demands of a rapidly growing business in a regulated industry. Beczak stood down in August 2014, having led the Board since ACR’s founding.
Since our investment, we have played a supporting role in developing ACR’s strategy. Over the last eight years, ACR has expanded and now has offices in Bahrain, Dubai, Hong Kong, India, Malaysia, Taiwan, Japan, South Korea and Vietnam.
The region’s reinsurance markets are growing strongly, however most domestic insurers are still considered under-developed. As a result, there is a lack of diversification which gives rise to a significant reliance on reinsurance, positioning ACR for substantial future growth.
Regulatory notice: This transaction involved a recommendation of 3i Investments plc, advised by 3i Singapore.