Global multi-line reinsurer Qatar Re has announced that the Monetary Authority of Singapore has granted the Company a licence to operate a branch office in Singapore.
The licence became effective as of 3 October 2016, Micky Lee, who was previously in charge of Qatar Re’s representative office in Singapore, will now become the Principal Officer of the branch.
Singapore Hiring and Growth Plans
Initially a team of three senior underwriters, led by 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.
Asia a Rapidly Evolving Insurance Market
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 (pictured), CEO of Qatar Re.
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.
Through headquartered in Bermuda, Qatar Re is backed by a parental guarantee from Qatar Insurance Company S.A.Q.
