Labuan-domiciled reinsurer Mandarin Re has increased its paid-up capital to $26 million, its second capital increase this year, supporting the firm’s target of $70 million in gross written premiums for 2026.
The reinsurer explained that the latest capital injection is aligned with its disciplined approach to capital management, portfolio development and operational excellence.
It also reflects Mandarin Re’s commitment to prudent growth by supporting underserved cedants and underwriting high-quality premiums across markets worldwide.
Mandarin Re said it now reaches more than 150 countries through an expanding international network of brokers, cedants and strategic partners.
The reinsurer has offices across four key regions: Latin America & the Caribbean, Asia Pacific, the Middle East & North Africa, and Africa & Europe.
Property risks account for approximately 70% of Mandarin Re’s portfolio. The firm also underwrites engineering, marine, energy, aviation and specialty lines, including liability, surety and political risk, on both a treaty and facultative basis.
Chief Executive Officer Redzal bin Mohamad commented on the news, “Mandarin Re is growing, following a carefully mapped plan. We’re reaching into new territories with new products, we have hired exceptional new underwriters and support personnel, and we are very pleased to welcome new clients, too. This capital increase underpins our growth.”
Mikhail Grishin, Mandarin Re Board Member and Chief Operating Officer, said, “We see enormous opportunity for very careful growth during the current softening market. Our risk selection process is focused on margin analysis.
“Some reinsurers have chosen to slash their exposure in certain countries and even whole regions without considering each risk. That leaves many superb cedants without access to sufficient quality capital. We are eager to provide long-term support by filling those voids.”
At the same time, Mandarin Re has appointed Patrick G. W. Ward, MBA, FCIP, to its Board of Directors.
Ward holds more than 35 years of leadership experience in the insurance industry, most recently as Group President and CEO of Bahamas First Insurance Group.
He is currently serving his second term as Chairman and President of the Insurance Association of the Caribbean, and is a Non-Executive Director of Summit Insurance Company Ltd.
Previous roles include Chairman of the National Insurance Board and Chairman of The Bahamas Mortgage Corporation.
Ward observed, “I am pleased to get involved with Mandarin Re. The company’s strength and reach are clear and growing, and its interactions with cedants I am familiar with have been highly positive and mutually beneficial.
“I look forward to supporting the team, but also to reinforcing the governance guardrails as the company grows around the world.”
Grishin added, “Governance is a critical differentiator for Mandarin Re. We have built an enormously strong Board of highly experienced directors to ensure our growth and performance track towards continued success for our shareholders, which reinforces our commitment to deliver stable, sustainable long-term support to our clients.”
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