Fosun Group, the Chinese private conglomerate, has unveiled a reinsurance subsidiary to tap into Asia's "underdeveloped" market.

The new reinsurer, Peak Reinsurance Co Ltd, is Fosun's fourth investment in the insurance sector, and is part of the Shanghai-based company's ambition to build itself into a global business empire that combines industry, investment and insurance.

The establishment of Peak Re marks the introduction of China's second reinsurer.