Simon Global Group (SG Group), an Asia-focused insurance and reinsurance broking group, is strengthening its regional reinsurance operations with the development of SG Re in Singapore.
SG Re has received in-principle approval from the Monetary Authority of Singapore (MAS) to proceed with formal registration as a general reinsurance broker under the Insurance Act 1966. Once registered, the new entity will be able to provide reinsurance broking services from Singapore.
According to SG Group, the Singapore operation is intended to play a central role in the group’s treaty reinsurance strategy as it expands its activities across Asian markets. SG Group said the new platform will initially concentrate on treaty reinsurance, with a particular focus on Japan, Korea and Southeast Asia.
SG Re will draw on SG Group’s existing regional network and relationships within the insurance and reinsurance markets. This is intended to support the new business in connecting cedents with international reinsurance capacity and developing relationships with reinsurers and other broking partners.
Hee Sook, Head of Treaty of SG Re, commented: “We see significant opportunities to develop treaty reinsurance solutions that respond to the evolving needs of cedents across Asia. By combining SG Group’s regional presence with Singapore’s position as a global reinsurance hub, SG Re aims to deliver responsive and tailored solutions to our clients and build long-term partnerships with leading reinsurers.”
Simon Oh, CEO of Simon Global Group, added: “The establishment of SG Re in Singapore is an important step in the continued development of SG Group as a regional insurance and reinsurance platform. Singapore is a natural hub for our treaty reinsurance strategy, given its position as one of Asia’s leading reinsurance centres and its strong connectivity to the wider Asian market.
“SG Re will allow us to further leverage our regional relationships and expertise while providing our clients with greater access to international reinsurance capacity. Our focus will be on building a disciplined, technically strong and sustainable treaty portfolio across Japan, Korea and Southeast Asia.”
Alongside its broking operation, SG Group is developing SG Re’s actuarial and analytics capabilities with the support of David Maneval, Chief Analytics Counsel.
Maneval brings more than two decades of experience across the international insurance and reinsurance sector. SG Group said his previous roles have included Chief Reinsurance Officer for Asia Pacific at AIG Singapore and Head of Actuarial at Aon Benfield Asia and Australia. He also previously led Willis Towers Watson’s Southeast Asia non-life insurance consulting and software businesses.
He will contribute to the development of SG Re’s portfolio analytics, actuarial services, data-driven capabilities and risk management framework. His experience will support the company as it develops its technical and analytical offering for reinsurance clients across Asia.
The creation of SG Re is part of SG Group’s wider regional expansion plans. The company said the new Singapore platform will complement its existing insurance and reinsurance broking operations, while its future growth strategy will continue to focus on specialist expertise, technical capabilities and relationships within Asian insurance markets.
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