Bermudian-based Qatar Re has been granted a licence to operate a branch office in Singapore.

The company, which is headquartered in Hamilton, also has branch offices in Zurich and Dubai, and a representative office in London.

The reinsurer previously operated a representative office in Singapore. It has been granted a licence by the Monetary Authority of Singapore to operate a branch office in the jurisdiction.

Micky Lee will lead a team of three senior underwriters, writing non-life treaty business, focusing on property-per-risk, property catastrophe, casualty and specialty lines. The company anticipates further appointments as it strengthens its presence in “Asia’s rapidly evolving insurance and reinsurance markets”.

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.”

Mr Lee 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.”