Munich Re worldwide: Malaysia

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Malaysia

Non-Life

Munich Re Malaysia Branch

Tobias Frenz
Head of Life & Health SEA / Retakaful


Suite 13.1, Level 13, Menara IMC
8 Jalan Sultan Ismail
50250 Kuala Lumpur
Malaysia


Tel.: + 603 2380 8500
Fax: + 603 2032 5955

Life

Munich Re Malaysia Branch

Tobias Frenz
Head of Life & Health SEA / Retakaful


Suite 13.1, Level 13, Menara IMC
8 Jalan Sultan Ismail
50250 Kuala Lumpur
Malaysia


Tel.: + 603 2380 8500
Fax: + 603 2032 5955


Contact Asia Pacific Life

Notification

Proposed transfer of the non-life reinsurance and retakaful business to Ambra Versicherung AG, Malaysia Branch Office (formerly Known as Ambra AG, Malaysia Branch Office)

Dear Customers,

NOTIFICATION IN RELATION TO A BUSINESS TRANSFER SCHEME FROM MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT, MALAYSIA BRANCH OFFICE (FOREIGN COMPANY NO. 993676-M) TO AMBRA VERSICHERUNG AG, MALAYSIA BRANCH OFFICE (FORMERLY KNOWN AS AMBRA AG, MALAYSIA BRANCH OFFICE) (FOREIGN COMPANY NO. 995698-P)

This letter serves as a notice of a business transfer scheme (“Scheme”) entered or to be entered by MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT, MALAYSIA BRANCH OFFICE (FOREIGN COMPANY NO. 993676-M) (being a branch of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, a company incorporated in Germany) (“Munich Re Malaysia”) and AMBRA VERSICHERUNG AG, MALAYSIA BRANCH OFFICE (FORMERLY KNOWN AS AMBRA AG, MALAYSIA BRANCH OFFICE) (FOREIGN COMPANY NO. 995698-P) (being a branch of Ambra Versicherung AG in Büsingen am Hochrhein, a company incorporated in Germany)(“Ambra”) to effect the following:

  1. the Transferor to transfer its general reinsurance business (excluding Allianz Malaysia Retrospective Business Cover, the Veheng fire claim and a fixed portion of the Kapar engineering claim) to the Transferee pursuant to section 100(1) of the Financial Services Act 2013; and
  2. the Transferor to transfer the whole of its general retakaful business to the Transferee pursuant to section 112(1) of the Islamic Financial Services Act 2013.


This scheme was conditionally approved by Bank Negara Malaysia according to its letter dated 25 April 2019, pursuant to Section 100(1) of the Financial Services Act 2013 and Section 112(1) of the Islamic Financial Services Act 2013. This Scheme is pursuant to the Portfolio Transfer Agreement (“Agreement”) dated 29 April 2019 executed between Munich Re Malaysia and Ambra. Munich Re Malaysia intends to apply to the High Court of Malaya at Kuala Lumpur (“High Court”) for confirmation of this Scheme pursuant to Section 102 of the Financial Services Act 2013 and Section 114 of the Islamic Financial Services Act 2013. This Scheme of Transfer will take effect on the date which the High Court shall stipulate in its order made pursuant to Section 102(4) of the Financial Services Act 2013 and Section 114(4) of the Islamic Financial Services Act 2013.

Both Munich Re Malaysia and Ambra have been working to ensure that your interests are looked after and above all, to ensure a seamless transition in the service provided to you. If this Scheme is approved by the High Court, the policyholders, vendors or business partners of the Munich Re Malaysia’s general reinsurance business and general takaful business will not be affected by the proposed transfer. All contracts, arrangements and agreements regarding the general reinsurance business and general takaful business will be vested in Ambra on the same terms and conditions. Ambra will carry out all of Munich Re Malaysia’s duties and obligations under the contract, arrangement and agreement. The family retakaful business will continue to be carried out by Munich Re Malaysia.

A copy of the description of the Scheme will be made available for inspection at Munich Re Malaysia’s principal place of business at Suite 13.1, Level 13, Menara IMC, 8 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia, available during normal office hours from Monday to Friday (except public holidays) and on our official website until end of July 2019.

You do not have to take any action in respect of this notice or the proposed scheme.

Any person concerned who are likely to be affected by the Scheme and are desiring to oppose the same may by himself or his counsel for that purpose serve on or send by post to the Transferor an objection to the Scheme within thirty (30) days from 20 June 2019, and may make an application to the High Court of Malaya with respect to any matter connected with the Scheme.

For further information the following sources are recommended:

  1. Please monitor Munich Re Malaysia’s website which contains further information with regards to the Scheme;
  2. The Scheme documents will be made available on Munich Re Malaysia’s website;
  3. If you have any questions, or would like any further information, please contact Ms. Siew Chi Chin, Non Life Manager, (603) 2380 8410 in respect of the scheme.


Yours faithfully

MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT, MALAYSIA BRANCH OFFICE (FOREIGN COMPANY NO. 993676-M)

Munich Re Retakaful

Suite 13.1, Level 13, Menara IMC
8 Jalan Sultan Ismail
50250 Kuala Lumpur
Malaysia
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