SINGAPORE - Reinsurer Qatar Re announced on Tuesday (Oct 4) that the Monetary Authority of Singapore (MAS) has granted the company a licence to operate a branch office in Singapore.
The licence took effect on Oct 3. Micky Lee, previously in charge of Qatar Re's representative office in Singapore, will become the principal officer of the branch.
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, said Qatar Re.
Said Qatar Re CEO Gunther Saacke: "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."