Bermuda-based MS Frontier Re is celebrating its tenth anniversary this year and received a multi-million dollar present from its parent company.The property catastrophe reinsurer, received a capital injection of $150 million from Tokyo-based Mitsui Sumitomo Insurance Company Limited (MSI) to take advantage of what the company says is a “renewed demand for highly-secured reinsurance capacity” after last year’s significant loss events.MS Frontier, which wrote approximately $95 million in gross premiums in 2011 and anticipates underwriting more this year, is the primary reinsurance vehicle for its parent company, MSI, the second-largest non-life insurer in Japan.According to MS Frontier President and CEO, Keiichi Nakajima, MSI has great expectations for the Bermuda-based company.“We are starting the latter half of our four-year business plan (globally) and 2013 is a very important year for our group we should be leading the company overseas,” he said in an interview with The Royal Gazette.The Class 3B reinsurer moved to their new offices in 141 Front Street at the end of 2010 and has 20 employees, ten of them are Bermudians who, according to the company, hold positions throughout the executive ladder. The company has a global book of business however, does not underwrite risk in Japan.Gary Devery, CFO for MS Frontier added that the capital injection isn’t the first, explaining the company also received $100 million in 2006 and nearly the same amount in 2010.“Our parent company recognises the strategic importance of what we’re doing and the Bermuda market as a leading in the reinsurance industry as a whole,” he said. “That fits in with their long-term philosophy for us to be a growth engine for the group.”Mr Devery added that the company has a long-term growth view, reinvesting the profits they make and is currently not issuing any dividends.“The plan is to use the income to grow organically and when the market situation presents itself, then our parent will strategically boost capital to grow the company,” he said.While 2011 year-end earnings results have yet to be released the global group reports annually with their fiscal year ending on March 31 Mr Devery said that the company has had a small amount of exposure to US tornados this year and last.In 2012, say the company executive, MS Frontier will look to expand and build its US business but has a keen eye on Western Europe.“We think there is still plenty of room for growth in Western Europe, which is why we opened a marketing office in Zurich late 2008,” he said.Reflecting on its ten-year history in Bermuda, both Mr Nakajima and Mr Devery were adamant that the Island was still the global reinsurance centre it was a decade ago.“Yes, our parent company is very confident in our business model, which is why they’ve consistently shown support,” said Mr Devery. “We were the first tenant in this building (141 Front Street), which shows our commitment to expand our business in Bermuda.”Mr Devery added that the building, despite the location of a recent late-night shooting, has been a “boon” for the company, calling it a “signature building” that brokers they work with “appreciate”.He also said that Bermuda’s regulation is one of the main attractions and pursuance of Solvency II equivalence will certainly add a “significant” layer of reporting, it must be done for the Island to remain competitive.“Jeremy Cox [Bermuda Monetary Authority CEO] has done a fantastic job at pursuing that and gaining relationships with European regulators, which is a quite difficult thing to do and he’s done it very well,” said Mr Devery. “One of the chief attractions of Bermuda is the access to the regulator. It’s [regulation] is not onerous but sufficient. It gives you comfort that you’re in a jurisdiction that matters and worthwhile.”MS Frontier Re, established in 2002, carries a financial strength rating of A (Excellent) from AM Best and an insurer’s financial strength rating of A+ from Standard & Poor’s. Both MS Frontier Re and MSI are group companies of MS&AD Insurance Group.