Hong Kong-based FuSure Reinsurance Company has focused on developing its market presence and competitive advantage in health and accident lines in the Greater China region since its establishment in 2021, while leveraging its parent group Tencent's support in business development, product innovation and distribution according to a new report by AM Best.
FuSure continues to diversify its underwriting book and geographic span. With the composite licence obtained in 2025, the company reportedly also plans to step into long-term medical, critical illness and life business.
Concentration in health lines remains, while product risk is not considered high given its short-tail and non-catastrophe exposed nature, adds the global credit rating agency.
On the other hand, as a start-up reinsurer with planned high growth, FuSure is still subject to escalating operational and business execution risk. These risks are alleviated with the company’s experienced management team and strategic and operational support from Tencent.
Financial performance
Fusure has achieved net profit since 2022, in its second year of operation, says AM Best. While delivering a 5.5% return on equity (ROE) in 2024 based on AM Best calculation, the company expects to continue delivering mid-single-digit ROE with double-digit annual net premium written growth, in its projection period (2025 to 2028).
In the current business profile, the underwriting volatility is alleviated by loss-sensitive commission features in the written treaties. On the investment side, Fusure forecasts a mid-single-digit annual investment yield that aligns with its current bond portfolio
Ratings affirmed
AM Best has affirmed Fusure's Financial Strength Rating of 'A-' (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent). The outlook of these credit ratings is stable.
The ratings reflect Fusure’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support from its ultimate parent, Tencent Holdings, including capital, business development, investment, risk management and operational support.
Capital
In March 2025, FuSure received its long-term reinsurance licence authorisation from the Hong Kong Insurance Authority, expanding its business scope from the existing general reinsurance business, and formally became a composite reinsurer.
To support the upcoming long-term reinsurance business development, Fusure received the third round of capital injection from its shareholders, which increased its paid-up capital to CNY2.68bn ($367m).