Bermudian reinsurer Qatar Re has named a new chief executive officer for its Singapore operation after his predecessor decided to leave the company.

Manik Sethi will lead the Singapore branch, effective November 13, after the departure of Micky Lee, who “has decided to pursue other opportunities outside of the company”, Qatar Re said in a statement today.

Gunther Saacke, Qatar Re’s CEO, said: “I am pleased that Manik will take the helm at our Singapore branch. Since joining us in 2016 he has already made a valuable contribution to our business in his role as global head of facultative marine and has past experience of developing and enhancing new and existing portfolios of business and of managing culturally diverse underwriting teams.

“He is very well equipped to implement our strategic priorities for the Asia-Pacific region which include an increased focus on facultative business.”

Mr Saacke added: “Singapore is recognised as a highly sophisticated and innovative marketplace for reinsurance. As such, the Lion State plays an important role for Qatar Re as a regional hub.”

Qatar Re’s presence in Asia dates back to early 2015 when the company opened a representative office in Singapore, which has since become a fully-fledged branch operation.

Mr Sethi said: “I am excited to have the opportunity to take Qatar Re’s presence in Asia-Pacific to the next level. We remain fully committed to the region’s markets and the delivery of bespoke quality products as part an attractive service proposition to our clients in their time zone.”

Mr Sethi is an Associate of the Chartered Insurance Institute with more than 11 years of underwriting experience gained from working in various multinational insurers and reinsurers, including Zurich Insurance (Middle East) and RSA (Middle East).

He joined Qatar Re in May 2016, initially as regional head of facultative marine and later as the team’s global head.

He has a Master’s degree in Commerce and Finance from Mumbai University.