Malaysian Re is intent on global growth: eyes the big league

“Our aim is to reach that $1 billion mark, which should put us in the top 50 largest reinsurance companies globally. We want to be the first reinsurer from Southeast Asia to be part of that big league.”

That is the stated ambition of Ahmad Noor Azhari Abdul Manaf, president and chief executive officer of Malaysian Re. He wants to grow the reinsurer, and believes the sky is the limit on its ambitions. While size matters when it comes to reinsurance, he also believes that expertise and a well-run business are equally as important. 

“We want to improve all aspects of the business,” he told SIRC Today.

Expanding into key international markets is one pillar of its growth strategy. The reinsurer is eyeing expansion in a number of European markets, Latin America, as well as closer to home in the Asia-Pacific area: namely in Japan, Taiwan, and Australia. 

Beyond geographic growth ambitions, Malaysian Re is looking at its product offerings, particularly in two areas: liability and marine cargo. It has made the decision to concentrate on these areas because they can offer stable, long-term returns, while offering divergence from existing risk concentrations.

“Diversification away from property exposure is important; we are trying to look at other lines of businesses including casualty liability,” he said.

The company’s strategy puts value on the importance of alliances. For Malaysian Re, strong alliances can be the key to breaking into otherwise very competitive markets. 

“The role of partnership is very important for us,” Ahmad Noor Azhari said. “But it has to work both ways. We need to have the kind of partnership where they can understand us, and we can understand them.” 

As such, it adopts a careful approach to market entry. It seeks partnerships in Europe, particularly in Central Europe and Nordic regions, that can allow Malaysian Re to develop business collaboratively and gradually.

“Partnership is all about long-term relationships,” Ahmad Noor Azhari emphasised. “We are not here to just be in and out. Offering only capacity without a deeper relationship doesn’t mean a thing.”

In its home markets it has such relationships—and is also the expert in certain fields. In the Southeast Asian market, for example, Malaysian Re is addressing a crucial need in health and medical insurance specifically. 

“Medical insurance is an issue in Asia,” Ahmad Noor Azhari observed, referencing the challenges of providing accessible, affordable, healthcare to an ageing population. 

To address this, Malaysian Re has innovated to launch products such as a cancer-specific policy that offers more targeted, less invasive treatment options. 

“This policy will give patients options in terms of how they want to be treated,” Ahmad Noor Azhari explained. The approach allows for more specialised treatment including, in certain cases, treatment abroad.

“Offering only capacity without a deeper relationship doesn’t mean a thing.”

Building talent base

Malaysian Re’s focus on talent development is another cornerstone of its growth strategy. “We are building our talent in-house, and also trying to bring in more talent from outside,” he explained.

His goal is to develop talent and expertise that aligns with the company’s evolving needs, including entry into new lines of business and expansion into foreign markets. 

“In order for you to succeed, you need to have the right people in the right locations: if you want to be successful in Europe, you have to be in Europe,” he said, highlighting the importance of having localised expertise in every key region.

Technological advancement and data utilisation also play a pivotal role in Malaysian Re’s vision for the future. “We have been using technology to assist us in the operation part, using robotic process automation to ensure that we can shorten the period of managing any situation,” he shared. 

The company is now eyeing the use of artificial intelligence in data analytics to further sharpen its operations. 

“It’s quite important for us to capture the right data and use it to look at what else we can do with it in terms of trying to provide additional solutions to the market or provide a better product to our customer,” he said.

As the renewal season approaches, Ahmad Noor Azhari called for caution amid industry volatility. 

“This is a delicate moment: what we have seen in the last two years has been quite intense,” he reflected. 

With ambitious expansion plans, a commitment to innovation and a focus on partnerships and talent, he is confident Malaysian Re is on track to represent Southeast Asia on the international stage. 

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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