4 October 2016 Insurance

Qatar Re acquires branch status in Singapore

Qatar Re has been granted a license to operate a branch office in Singapore by the Monetary Authority of Singapore (MAS).

Micky Lee, who had previously been in charge of Qatar Re’s representative office in Singapore, has been appointed principal officer of the branch.

The team will include two other senior underwriters, who 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.

Gunther Saacke, CEO of Qatar Re, said: “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.”

Lee added: “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.”

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