04 October 2016
Hamilton, Bermuda – Qatar Re today announced that the Monetary Authority of Singapore (MAS) has granted the Company a licence to operate a branch office in Singapore. The licence became effective as of 3 October 2016. Micky Lee, previously in charge of Qatar Re’s representative office in Singapore, will become the Principal Officer of the branch.
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.
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. 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.”
Micky Lee, Principal Officer of Qatar Re’s Singapore branch, 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 enables 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.”
About Qatar Re
Qatar Re, licensed as a Class 4 reinsurer by the Bermuda Monetary Authority (BMA), is a global multi-line reinsurer writing all major property & casualty and specialty lines of business. We serve our clients through teams of seasoned underwriting and financial professionals combining in-depth technical and business expertise with industry experience across all markets.
Through our headquarters in Bermuda, branch offices in Zurich, the Dubai International Financial Centre and Singapore, and a representative office in London we are close to the world’s major reinsurance markets and the core operations of our clients. Our clients and partners value us for our technical expertise, industry thought-leadership, outstanding service and customer focus.
Qatar Re is backed by a parental guarantee from Qatar Insurance Company S.A.Q. (QIC) and benefits from QIC’s substantial and growing capital base. QIC has a market capitalisation of USD 5.9 billion as of 27 September 2016. Qatar Re is rated “A/Stable” by S&P Global and A (Excellent) by A. M. Best.
For further information about Qatar Re, please visit our website at www.qatarreinsurance.com.
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Qatar Reinsurance Company Limited
69 Pitts Bay Road, Pembroke, HM08, Bermuda
T +1 441 400 50 00 | www.qatarreinsurance.com
Registered in Bermuda under number 50896 and authorised as a Class 4 Insurer by the Bermuda Monetary Authority.
© Press Release 2016