Qatar Re, based in Bermuda, has been granted a licence by the Monetary Authority of Singapore (MAS) to operate a branch office in Singapore.
The licence became effective from October 3, 2016. Micky Lee, previously in charge of Qatar Re’s representative office in Singapore, will become the principal officer of the branch.
The company said that acquiring branch status strengthens Qatar Re’s presence in Asia’s rapidly evolving re/insurance markets, while at the same time contributing to the expansion of the company’s global reinsurance footprint and risk diversification profile.
Initially a team of three senior underwriters, led by Micky Lee, will write non-life treaty business, focusing on property-per-risk, property catastrophe, casualty and key specialty lines (such as marine, aviation, energy, engineering, credit & surety), as well as selective bouquet business.
Further appointments will follow as the company strengthens its response to the increasingly complex risks written in the region which demand locally sourced solutions.
Gunther Saacke, CEO of Qatar Re, says: “We are excited to have received our branch licence from MAS. Singapore continues to be recognised as Asia’s leading reinsurance hub, and offers us the ability to participate in a highly developed market place close to many of our clients and brokers,” said Gunther Saacke, CEO of Qatar Re.
“Fully establishing ourselves in Singapore represents a significant advance in our strategy of increasing our profile in the Asian reinsurance market and we look forward to contributing to its reputation for growth and innovation”.
Lee said: “Our objective is to become a leading reinsurance company in Singapore, serving the Asian markets. The opening of our Singapore branch affirms Qatar Re’s commitment to these markets and enable us to participate in the dynamic Asian reinsurance environment. We are here to stay, to listen to our clients and to work with them to deliver tailored solutions that are of mutual benefit.”
Qatar Re, Bermuda, Insurance, Reinsurance, Monetary Authority of Singapore, Property, Casualty, Risk management, Catastrophe, Gunther Saacke, Asia-Pacific