FuSure expected to maintain strong balance sheet as it expands business

It recently received a long-term reinsurance license authorisation from Hong Kong regulators.

FuSure Reinsurance Company Limited (Hong Kong) has a strong balance sheet and is expected to receive parental support from Tencent Holdings as it expands operations in the city, says AM Best.

FuSure received its long-term reinsurance license authorisation from the Hong Kong Insurance Authority in March 2025. This expands its business scope from general reinsurance business to formally become a composite reinsurer.

FuSure also received a third round of capital injection from its shareholders, raising its paid-up capital to $367m.

FuSure has achieved net profit since 2022, its second year of operation. It delivered a 5.5% return on equity (ROE) in 2024, based on AM Best’s calculation.

“Based on the company’s latest business plan toward 2028, AM Best expects its risk-adjusted capitalisation will remain at the strongest level,” AM Best said in a report on 30 May, where it reaffirmed FuSure’s A- (excellent) financial strength rating.

The’very strong’ balance sheet assessment is supported by its prudent and liquid invested asset portfolio dominated by investment-grade bonds and cash and cash equivalents, it added.

“Nonetheless, as a start-up reinsurer, the execution risk of the business expansion plan remains to be an offsetting factor of the company’s balance sheet strength,” AM Best said.