Malaysian Reinsurance has received Bank Negara Malaysia's approval to conduct general and family retakaful business.
The reinsurer, which is MNRB Holdings's wholly owned subsidiary, said: “Following the above, the MNRB Group plans to undertake an internal restructuring exercise for its retakaful business, the details of which will be announced at a later date.”
Malaysian Re is the market leader for the domestic reinsurance business with a market share of 53.5%. About 62% of its customers are domestic and 38% are foreign.
Malaysian Re is targeting too to expand its business in Europe, Singapore and Hong Kong in the next two years to drive its earnings and broaden its reinsurance market beyond Asean. MNRB Holdings has operations in Dubai via its 100% owned subsidiary, Malaysian Re (Dubai).
The company's President and CEO, Mr Zainudin Ishak, said in a recent interview that the group is targeting to have an equal contribution in terms of gross premiums for both its local and overseas markets for the financial year ending 31 March 2017, reported The Star newspaper.
Source:eDaily News
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