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ACR Capital Holdings has appointed Sergei Korol as group chief financial officer with effect from Monday.
With some 17 years' of experience in the insurance sector under his belt, Mr Korol took over the role from Tan Chong Liong, who will fully focus on growing the company's business in North Asia in his position as chief operating officer, North Asia, at Asia Capital Re.
Asia Capital Re, Asia's first reinsurance company focusing on the pan-Asian region with particular specialities for large and complex risks across non-life business lines, is ACR's wholly owned reinsurance operating subsidiary.
In a statement on Monday, ACR said that Mr Korol joined the firm from ACE Group in Hong Kong, where he was regional CFO of ACE Life Asia Pacific and China.
Before that, Mr Korol was with American insurer Metlife Inc, after spending 12 years in a number of AIG operating life companies managing a spectrum of portfolios, including financial analysis, investment and capital management.
John Tan, ACR's group chief executive said that the company's operations have expanded significantly since the business was started nine years ago.
"We now have offices in 11 territories across Asia and are looking at further deepening our foothold in the region, in particular, giving greater focus on growth in the highly promising North Asian market. With that, our needs have evolved: We have regionalised our resources and redeployed some of our strategic personnel, including former group CFO Chong Liong to focus solely on his role as chief operating officer, North Asia of Asia Capital Re."
Mr Tan added that Mr Korol's timely appointment will be of immense value to ACR as the group continues to grow.
In his new role, Mr Korol, who welcomed the appointment, will have overall responsibility for the ACR group's financial matters, including financial forecasting, strategy and reporting.
ACR Capital Holdings was established in November 2006, and is parent company to two wholly owned subsidiaries, Asia Capital Re and Asia Risk-Tech Enterprises Management Consulting (Shanghai) Company Limited.
Asia Capital Re is headquartered in Singapore and has a regional presence in Hong Kong, Dubai, Taiwan, Japan, Korea, Vietnam and India.