Singapore Reinsurance Corporation (Sing Re) has secured a reinsurance branch licence from the International Financial Services Centres Authority (IFSCA).
The regulatory approval enables the company to establish an IFSC Insurance Office (IIO) in Gujarat International Finance Tec-City (GIFT City).
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The move authorises Sing Re to conduct property & casualty (P&C) reinsurance as a Category – 2 reinsurer within the Order of Preference framework.
The new IIO is expected to facilitate Sing Re’s access to the Indian reinsurance market.
The company provides treaty and facultative reinsurance across various lines including accident, agriculture, casualty, credit, energy, equipment, marine, medical, motor, personal and property business, targeting regions such as Asia-Pacific, Africa and the Middle East.
With origins dating back to January 1973, Sing Re has transitioned from a local cooperative to a regional reinsurance entity, focusing on non-life reinsurance treaty and facultative business from Asia, including the Middle East and Indian sub-continent.
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By GlobalDataIn 2021, Sing Re underwent corporate changes, becoming a subsidiary of Fairfax Asia, with Fairfax Financial Holdings as the ultimate beneficial owner.
Consequently, Sing Re was delisted from the Singapore Exchange on 5 August 2021.
The treaty reinsurance covers a wide range of areas including accident and health, agriculture, auto/motor, casualty, marine and energy, marine hull and cargo, medical, professional liability, property and surety and trade credit.
The facultative reinsurance services offered by the company encompass casualty, marine and energy, marine hull and property.
