BERMUDA-HEADQUARTERED reinsurer Qatar Re said on Tuesday that Singapore's Monetary Authority of Singapore (MAS) has given it a licence to operate a branch office in Singapore.
It previously had a representative office. Micky Lee, which was previously in charge of it, will now be the principal officer of Qatar Re's Singapore branch.
The firm said its team of three senior underwriters will underwrite non-life treaty reinsurance, focusing on property-per-risk, property catastrophe, casualty and key specialty lines like marine, aviation, energy, engineering, credit and surety.
Gunther Saacke, CEO of Qatar Re, said in a statement that Singapore continues to be recognised as Asia's leading reinsurance hub. The city-state gives the firm the ability to participate in a highly developed marketplace close to many of its clients and brokers, he said.
"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."