The Singapore Reinsurers' Association (SRA) has announced the addition of three new associate members: Lexasure Financial Group, OCBC, and Richmond Reinsurance Brokers Pte Ltd.
Lexasure Financial Group operates as a reinsurance and digital insurance solutions provider serving markets in Southeast and South Asia. The company offers services such as reinsurance-as-a-service (RaaS), which it says are designed to help clients manage risk and achieve growth.
Its client base includes over 60 primary insurers across 22 countries in Asia and North America. Lexasure's underwriting covers various sectors, including aviation, agriculture, construction, energy, financial lines, marine, and political risk.
OCBC, founded in 1932 through a merger of three local banks in Singapore, is the second-largest financial services group in Southeast Asia based on assets. The bank holds high credit ratings, including Aa1 from Moody’s and AA- from both Fitch and S&P. OCBC operates close to 420 branches and offices across 19 countries and regions.
Richmond Reinsurance Brokers Pte Ltd is a licensed reinsurance brokerage firm, regulated by MAS. The company offers risk management and reinsurance broking services to clients worldwide, focusing on areas such as property, casualty, marine, and specialty reinsurance. It leverages a network of global partners to support its advisory services.
In a statement, the SRA expressed its anticipation for the contributions of the new members, citing the importance of their support and partnership in furthering the association's objectives. The SRA emphasized its commitment to fostering industry collaboration and enhancing the reinsurance sector in Singapore.
The trade association, founded in 1979, represents financial institutions licensed by the Monetary Authority of Singapore (MAS) to conduct reinsurance business. SRA's membership includes over 50 entities, spanning reinsurance firms, direct insurers with significant reinsurance operations, reinsurance brokers, regional reinsurers, Lloyd’s service companies, and related service providers.
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