Galaxy Insurance Consultants (Singapore) announced that it has officially obtained a reinsurance brokerage license from the Monetary Authority of Singapore (MAS).
This regulatory approval enables the form to bridge the gap between regional clients and the global reinsurance market.
A Galaxy spokesman said: “This significant achievement solidifies our position as a trusted insurance partner in Singapore and the wider Asia-Pacific region. With the new license, we can now offer a more comprehensive range of brokerage services – connecting clients to the global reinsurance market, ensuring the best terms and providing expert solutions for complex and large-scale risks.”
Emphasis: “This is more than just a license – it’s a commitment to our clients that we will continually raise the bar in risk management and reinsurance excellence.”
Galaxy was established in 1982 as Galaxy Underwriting Agency Pte Ltd as an authorized underwriting agent for Singapore insurance companies.
The company has grown over decades to develop “Special Group Programs” for member companies and organizations affiliated with the National Council of Social Service (NCSS), Singapore Indian Chamber of Commerce and Industry (SICCI) and other affinity groups.
In 2005, Galaxy received a license to operate as a direct insurance broker and has exempt financial advisor status.
This shift triggered a period of international expansion, resulting in dedicated distribution agreements in Hong Kong, Malaysia, the Middle East and Australia.
The acquisition of the reinsurance license is the latest in a series of strategic moves by Galaxy Group to enhance its global presence.
In 2017, Galaxy joined Steadfast Group, considered the largest general insurance brokerage network in Australia and New Zealand.
Galaxy also recently joined the Asinta Partnership, a global strategic consulting network covering 56 countries.
Led by founder and chairman Uttam Kripalani and CEO Sunil Chugani, Galaxy currently manages more than 1,000 enterprise customers and more than 300 individual customers.
