Munich Re Syndicate Labuan celebrates its 10th anniversary
We are celebrating a decade of supporting our customers in our Munich Re Syndicate Labuan office in Malaysia
It’s memorable to look back on how much we have achieved in the last ten years. Since the day we opened our doors to our new office, we’ve more than tripled the amount of Munich Re colleagues servicing our broker and business partners.
Back in 2013 the business started by focusing on just three core product classes while now, we have grown our product offering to 10 covering Project Cargo, Marine Liability, Renewable Energy/Green Solutions, Financial Lines, Engineering, Specie, Cargo, Contingency, Terrorism and Cyber.
A key milestone for the Labuan office has been the regulatory approval on Retakaful Window facility in 2021. This transformed our offer and enabled the team to gain preference reinsurance tier status. This also helped in writing syariah-compliant risks with Takaful operators, opening markets and the ability to serve new customers. We were proud that Munich Re Syndicate Labuan became one the first Lloyd’s syndicates in Malaysia to kickstart and offer this initiative.
James Ng, Managing Director of Munich Re Syndicate Labuan is delighted with the milestones the company has achieved: “Over the last five years, our footprint in Malaysia and the wider region has blossomed. We’ve achieved an average growth rate of 20% while sustaining a healthy bottom-line year after year. The Syndicate prides itself on being a preferred Specialty class underwriter and works closely with business partners to grow the book of business mutually and profitably in a competitive market, we will keep working with our clients.
Market opportunities in Malaysia
Against a challenging backdrop in recent years, the insurance industry remained resilient creating more opportunities for insurers to diversify into specialty lines.
All product classes, particularly Specialty lines, saw growth written premium compared the prior year. What was interesting to acknowledge was that the growth from Specialty lines was higher than the traditional ones like Property, Motor, Casualty and Miscellaneous classes, registering an overall growth rate of 14%*.
Growing our market share in Malaysia
When it comes to helping businesses in the Malaysia insurance market, James and his team share the same determination now to understand their clients’ unique needs as when they did in 2013. The insurance industry is ever evolving and staying foot front in this industry is making sure the team understands the trends and continues contributing to the national insurance market.
We are in Asia to continue bringing the services they have come to expect of us. We will continue growing our capabilities in Malaysia and in the region. Here is to the next decade.