Qatar Re, a global multi-line reinsurer for major property and casualty and speciality lines of business, will soon strengthen its operations in Singapore, having received a licence to open a branch in the Asian country.
The Monetary Authority of Singapore (MAS) has granted licence to the Bermuda-registered reinsurance company. Micky Lee, previously in charge of Qatar Re’s representative office in Singapore, will become the principal officer of the branch.
“We are excited to have received our branch license 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,” Gunther Saacke, chief executive of Qatar Re, said.
Acquiring branch status strengthens Qatar Re’s presence in Asia’s rapidly evolving insurance and reinsurance markets, while at the same time contributing to the expansion of the company’s global reinsurance footprint and risk diversification profile, said its spokesman.
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 speciality lines (marine, aviation, energy, engineering, credit and 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, he said.
Asserting that its branch in Singapore represents a significant advance in its strategy of increasing profile in the Asian reinsurance market; Saacke said Qatar Re looks forward to contributing to its reputation for growth and innovation.
