Kay International AMEA Limited, a boutique Reinsurance Intermediary and Underwriting Management Agency Headquartered in the Dubai International Financial Centre (DIFC) in the United Arab Emirates, announced that it has established a wholly owned subsidiary in Singapore with the aim of expanding its facultative and treaty reinsurance broking and placement services to South East Asia.
Kay International AMEA Pte Ltd has received its approval from the Monetary Authority of Singapore (MAS) in February 2024 and is authorized to commence reinsurance broking and placement activities from its new office at Asia Square located in the heart of Singapore’s business district.
Commenting on this strategic expansion, Walid Sidani, Managing Director and Group CEO, stated: “Singapore was the unrivalled location to establish our new regional hub, which positions us closer to our insurance clients in South East Asia. We are ecstatic of the opportunity to expand our global footprint in such dynamic region while operating under the oversight of Singapore’s robust regulatory framework. The amount of government and private investments coming into South East Asia makes this the ideal regional hub for our organization.”
He further added “having its global headquarters in Dubai, with regional hubs in Miami and Singapore will allow us to establish a dynamic route for efficient risk transfer between rapidly evolving and economic centres of excellence.
South East Asia is comprised of the following countries: Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam. The region is characterized by impressive GDP growth with an emphasis on the evolving variety of risks from high tech manufacturing to agricultural risks, along with massive ongoing and future energy and non-energy infrastructure projects and operational risks.
“We are proud to have the opportunity to contribute to building a reinsurance risk transfer route between our three reinsurance regional hubs” explained Mr. Sidani.
Kay International AMEA Pte Ltd has named Mr. Ho Wing Hoong as its Regional Chief Executive Officer and Director to lead its organization in Singapore.
Wing Hoong brings in a wealth of experience possessing over 23 years of reinsurance business management experience with solid Facultative and Treaty underwriting management expertise in Asia and Middle East.
Ho Wing Hoong stated “I am extremely excited to be part of the family, Kay International AMEA, and involved in this expansionary journey across South East Asia. Serving our stakeholders from our new Singapore office offers efficient, quality and thorough reinsurance broking services and solutions by tapping into our reinsurance network that have been nurtured through our Miami and Dubai regional hubs over the last seven years.
Mr. Ho emphasized that “the broking team’s understanding of our region’s business dynamics and ever-changing demographics offers us immediate strategic leverage. Our in-depth knowledge of both non-traditional and traditional re/insurance products, coupled by our innovative, flexible, practical and tailored-made commercial and specialty reinsurance solutions to help our clients make smarter reinsurance purchases, access alternative risk transfer solutions in the protection of their balance-sheet.”