Partnerships power Malaysian Re’s growth in Europe

Malaysian Re is looking to build meaningful, long-term relationships,” said Ahmad Noor Azhari Abdul Manaf, president and chief executive officer of Malaysian Reinsurance Berhad (Malaysian Re).

“By leveraging local expertise and partnering with established reinsurers, we’re positioning ourselves for sustained growth in the European market,” he said.

Malaysian Re’s ambitious goal to become one of the top 50 global reinsurers has led the company to start its strategic expansion into Europe. 

Under Ahmad Noor Azhari’s leadership, the company is tailoring initiatives across treaty, specialty, facultative, and retakaful (Islamic reinsurance) segments to position itself as a key player in the European market.

The focus on Central and Eastern Europe (CEE) is a cornerstone of this plan, presenting “significant growth potential due to its evolving risk landscape, leading to an increased demand for catastrophe capacity”, according to Ahmad Noor Azhari.

This strategic expansion into Europe is not a sudden leap, but rather an evolution of Malaysian Re’s presence in the region, which began in the mid-2000s. 

Today, its European treaty portfolio accounts for approximately 15 percent of its international treaty premiums. The aim is for this share to increase to 25 percent by 2030.

Expanding into Europe is a natural extension of Malaysian Re’s global growth strategy, helping to diversify revenue sources and reduce reliance on existing markets. 

“This will allow us to capture more of the insurance value chain, expand our client base, and mitigate risks associated with regional market fluctuations,” Ahmad Noor Azhari explained.

This expansion is also an opportunity for Malaysian Re to leverage its Association of Southeast Asian Nations (ASEAN) roots. 

“We’re deepening our commitment to European clients and international brokers.”

“As the leading homegrown reinsurer in ASEAN, we can offer European partners unique access to this growing region, acting as a bridge between them and our ASEAN partners,” he added.

Standing out in a competitive market

Ahmad Noor Azhari acknowledged that Europe’s reinsurance market was competitive, but Malaysian Re has a clear strategy to stand out. 

“Success in this market requires more than simply offering reinsurance capacity,” he explained. 

“We’re deepening our commitment to European clients and international brokers.”

The company plans to establish a local office in Europe. “This will allow us to be physically present in the region, enhancing our engagement with partners and providing a deeper understanding of market sentiments,” he noted.

Partnerships are central to Malaysian Re’s strategy in Europe, and Ahmad Noor Azhari cited successful existing collaborations with European reinsurers such as SiriusPoint and VIG Re that have “allowed us to share insights and strategies that drive mutual growth, particularly in areas such as risk management”.

The company has appointed leading managing general agents in Europe to manage its non-property direct and facultative portfolio, further strengthening its position in the region. 

These collaborations provide access to broader opportunities and deepen Malaysian Re’s understanding of local market dynamics.

Malaysian Re is particularly focused on building relationships in key sectors, such as the London Market, which Ahmad Noor Azhari sees as a major target for diversification. 

“By aligning with established players in these markets, we can tap into their expertise and reputation, which will be invaluable as we navigate the complexities of the European reinsurance landscape,” he said.

Ahmad Noor Azhari remains realistic about the challenges involved in entering the European market. “Regulatory barriers are a significant consideration,” he said, acknowledging how Europe’s complex legal landscape required careful planning and compliance expertise.

Cultural and language differences also present hurdles, particularly in French and German-speaking regions. “Establishing rapport and gaining market acceptance requires a deep understanding of these nuances,” Ahmad Noor Azhari observed.

To address these challenges, he has a plan. “Hiring local talent who understand the language and culture will enhance our ability to connect with clients and partners,” he said.

Malaysian Re is drawing on long-standing relationships with brokers in the ASEAN region to build similar connections in Europe. 

This approach, Ahmad Noor Azhari explained, creates “a bridge of trust and mutual understanding” that will benefit both parties.

As Malaysian Re continues to expand into Europe, its commitment to collaboration, partnership, and innovation positions it well for success. 

Ahmad Noor Azhari remains optimistic about the company’s future in the region, and concluded: “Through our initiatives, we are confident that we can differentiate ourselves in the competitive European market, establish a significant footprint, and achieve long-term growth.”

Ahmad Noor Azhari Abdul Manaf is president and chief executive officer of Malaysian Re. He can be contacted at: arie@malaysian-re.com.my 

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