Labuan Re

In a quite short lapse of time, Labuan Re has boosted itself into the rank of a prime security reinsurer. The firm's spectacular climb and its financial soundness make it one of thepartners who are the most solicited by ceding companies.

Since 2002, all indicators have been on the green light: turnover growth, profits growth, portfolio diversification. Labuan Re is mounting on the score sheet.

Mr Majid Mohamad
President / CEO

It devised a development strategy wrapped around four poles: Malaysia, its baseline market, Asia where it plans to open a representative office in China, the Middle East, where, in hardly five years, its Bahrain branch has written 21% of the turnover, and finally the London market in which it has invested through the Lloyd's syndicates.
For Labuan Re, the Takaful stands as another high-potential segment, especially in the Middle East and in Asia.

Labuan Re in 2006

Authorised capital
500 million USD
Paid up capital
150 million USD
Rating A.M. Best
A- (excellent)
Turnover
155 000 000 USD
Profit
21.3 million USD
ROE
14.19 %
Loss ratio
61 %
Number of employees
88

Management

President, Chief Executive Officer
Majid Mohamad
Executive Vice President, Chief Underwriter
Richard Hoh Kon Wai
Senior Vice President, Finance, HR & Administration
Siaw Ai Yao

Main shareholders

Malaysan Reinsurance Bhd
20%
Petronas
10%
Tenaga Nasional Bhd
10%
Telekom Malaysia Bhd
10%
MISC Bhd
10%
HICOM Holdings Bhd
10%
CIMB Bank Bhd
10%
Malayan Banking Bhd
5%
Public Bank Bhd
5%
RHB Bank Bhd
5%
LTAT
5%

Portfolio breakdown by class of business: 2002-2006

in thousands USD
Written
premiums
2002%2003%2004%2005%2006%
Fire
52 2004760 3004758 3004457 8004163 00041
Motor
22 7002124 4001925 9002030 7002227 70018
Marine & Aviation
16 5001521 5001723 2001826 4001834 20022
Misc. accident
13 0001214 2001117 5001319 7001421 90014
Engineering
5 50058 30067 00057 60058 3005
Total
109 900100128 700100131 900100142 200100155 100100

Portfolio structure in 2006

Premiums breakdown: 2002-2006

in milllions USD
 MalaysiaOverseas*BahrainTotal
20023634 %6961 %55 %110100 %
20034232 %7457 %1311 %129100 %
20043829 %8060 %1411 %132100 %
20054028 %8057 %2115 %141100 %
20063925 %9561 %2114 %155100 %
* Excluding Bahrain

Main financial highlights: 2002-2006

in milllions USD
 20022003200420052006
Gross written premiums
109.9128.7131.9142.2155.1
Written premiums net of reinsurance
93.7109.9116.5126.4135.0
Gross earned premiums
75.1105.1113.3120.5127.3
Net incurred losses
58.166.973.678.577.7
Loss ratio
77.4%63.7%65.0%65.1%61.0%
Management fees
5.46.07.48.99.7
Net result (after tax)
(7.0)14.116.113.521.3

Performances: 2002-2006

in milllions USD

Contact



Head office
Level 4 (B), Main Office Tower,
Financial Park Labuan
Jalan Merdeka, 87007, Malaysia
Phone
(+60) 87 452 886
Fax
(+60) 87 452 070
Underwriting Office Kuala lumpur
8th floor, Bangunan Malaysian Re,No. 17,
Lorong Dungun, Damansara Heights,
50490 Kuala Lumpur, Malaysia
Phone
(+60) 3 2092 4888
Fax
(+60) 3 2092 2266
Bahrain Branch
Suite 51, 5th floor, BKIC House Diplomatic Area, P.O. Box 2201 Manama, Bahrain
Phone
(+973) 1753 1232
Fax
(+973) 1753 1242

Thanks : We thank Labuan Re for their kind assistance in the conception of this survey.

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