ACR
- New investment
- Location: Singapore
- Sector: Financial Services
- www.asiacapitalre.com
First investment
3i invested £105m in November 2006, out of a total funding of £316.8m, to create Asia's first exclusively pan-Asian focused independent re-insurer.
Nature of business
A Singapore-based independent re-insurer addressing the property and casualty insurance industry. ACR's focus is on specialty lines of re-insurance in the large risks segment for aviation, marine, energy, large infrastructure and engineering projects across Asia. ACR has an 'A-' financial strength rating from AM Best rating agency.
| Results for the five months to 31 March | 2007 (unaudited) US$m |
|---|---|
| Sales | 27.0 |
| EBITDA | – |
| Net assets | 608.8 |
Current trading
Revenue generation in the first few months following launch was good and market reaction to ACR has been favourable.
Developments since 3i invested
The initial focus has been on building a high-quality board to support John Tan, ACR's CEO, as well as establishing operational processes and gaining market acceptance for this new model. Thaddeus Beczak has been appointed as chairman, through 3i's introduction.
| 3i Group plc’s investment as at 31 March |
2007 £m |
2006 £m |
|---|---|---|
| Cost | ||
| Equity and loan | 105 | n/a |
| Directors’ valuation | ||
| Equity and loan | 102 | n/a |
| Equity interest | 32% | n/a |
| Income in the year | 0 | n/a |