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EAIC Today Day Three 2016

Ad proof WEDNESDAY Interview: 22.10.14 FRIDAY Micky Lee, Qatar Re 14.10.16 Back to basics A personal approach underpinned by good analytics defines the approach of Qatar Re in Asia as Micky Lee, principal officer of Qatar Re’s Singapore branch, explains to EAIC Today. What is the company’s strategy for Asia-Pacific? We believe in what we consider ‘back to basics’: being close to clients, in the same time zone, emphasising face-to-face interaction, ideally in local languages. Our response to current market conditions is to tailor our client approach around three distinct propositions: first, we provide capacity to insurance entrepreneurs; second, we offer client, geographical and class intimacy, where relationship reinsurance still matters; and third, we adopt a portfolio-managed approach to commoditised reinsurance, and thereby offer sustainable and competitive pricing. The portfolio approach is vital to our multi-line treaty strategy, as opposed to a silo mentality with an exclusive focus on class-specific technical characteristics. It is our ambition to grow with our clients and steadily enhance our understanding of their needs. What foundation are you building on? Qatar Re does not start from scratch in Asia as we opened our representative office in Singapore in 2005 and have been serving clients out of Doha and Zurich for a number of years. Our underwriters enjoy a long track record and high recognition across the region. Based on this foundation, we will deepen and broaden existing client relationships as well as explore new business opportunities. Examples of the latter include start-ups and innovative schemes in Asia’s emerging and frontier markets. What will Qatar Re in Asia focus on specifically? We are excited to have received the branch licence from the Monetary Authority of Singapore. Singapore has established itself as Asia’s leading reinsurance hub, recognised for its rule of law, political stability and regulatory environment. Our objective is to become a leading reinsurance company in Singapore focused on bringing genuine leadership decision-makers close to the Asian markets. The opening of our Singapore branch affirms Qatar Re’s commitment to these markets and will allow us to have our fingers on the pulse of the dynamic Asian insurance and 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. Qatar Re will write non-life business out of its Singapore branch with a primary focus on treaty. The initial team consists of three senior underwriters, led by me. We will focus on property, casualty, marine & energy and specialty lines such as aviation, engineering, credit & surety as well as boutique business. Further appointments will follow in due course, as we intend to provide more tailored reinsurance solutions for the increasingly complex risks underwritten in Asia’s reinsurance markets. How can Qatar Re differentiate itself from other reinsurers serving the Asian markets? Our analytical approach to portfolio management enables us to offer more flexibility. In addition, we operate based on a long-term perspective, backed by long-term capital, and a strong commitment to clients whom we believe have the potential to grow and prosper over time. Qatar Re’s renowned specialty expertise in lines such as agriculture, motor casualty and engineering makes us a reinsurance partner who can address complex client needs, including those which require tailored solutions. Micky Lee “We consider this a particular opportunity given our global track record of supporting insurance entrepreneurs.” Our small and nimble global setup ensures that we respond to client needs as they arise. What is your outlook on the Asian markets? First and foremost, Asia is a growth market. China alone contributes about one-third to global economic growth and its insurance market is set to expand further on the back of strong government support. Therefore, no aspiring global reinsurer can ignore the region and its potential. There is also a qualitative dimension: Asia is an exceptionally dynamic and innovative marketplace, with new companies and business models mushrooming at great pace. At Qatar Re, we consider this a particular opportunity given our global track record of supporting insurance entrepreneurs. Having said this, the reinsurance trading conditions in Asia are tough. Capacity is abundant and the frequently forecast stabilisation of rates, terms and conditions is still elusive. Therefore, risk and client selection, based on geographical proximity and face-to-face interaction are key. n Micky Lee is principal officer of Qatar Re’s Singapore branch. He can be contacted at: mlee@qregroup.com qatar re is proud to attend the east asian insurance congress QatarRe 10 | EAIC TODAY | DAY 3: Friday October 14 2016 www.intelligentinsurer.com | www.bermudareinsurancemagazine.com


EAIC Today Day Three 2016
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