Singapore Reinsurance Corporation (Sing Re) has been granted a reinsurance branch license by the International Financial Services Centres Authority (IFSCA), allowing it to establish operations in Gujarat International Finance Tec-City (GIFT City), India’s financial services hub.
The approval permits Sing Re to operate an IFSC Insurance Office (IIO) as a Category-2 reinsurer. Under this classification, the company is authorized to conduct property and casualty reinsurance business within the Order of Preference framework, which governs reinsurance cession from Indian insurers to foreign and domestic entities.
The new branch is expected to enable Sing Re to expand its access to the Indian reinsurance market.
Sing Re offers treaty and facultative reinsurance solutions across multiple classes of business. These include accident, agriculture, casualty, credit, energy, equipment, marine, medical, motor, personal, and property risks. The company targets placements across Asia-Pacific, Africa, and the Middle East.
Established in January 1973, Sing Re has evolved from a local cooperative reinsurer to a regional entity focused on non-life treaty and facultative reinsurance. Its business footprint includes exposure in the Middle East and the Indian subcontinent.
Sing Re became a subsidiary of Fairfax Asia in April 2021. As part of the acquisition, Fairfax Financial Holdings – headquartered in Toronto – became the ultimate beneficial owner of the reinsurer.
Following the transaction, Sing Re was delisted from the Singapore Exchange. The restructuring placed Sing Re within Fairfax’s global network of reinsurance and insurance businesses, which includes operations across North America, Asia, and the Middle East.
As of its most recent filings, Sing Re holds a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” from AM Best. The rating agency cited strong risk-adjusted capitalization and consistent operating performance.
Sing Re’s total assets exceed SG$900 million, while shareholders’ funds stand above SG$250 million, reflecting a stable financial position within the Fairfax group.
The company’s treaty reinsurance offerings span accident and health, agriculture, motor, casualty, marine and energy, marine hull and cargo, medical, professional liability, property, surety, and trade credit. Its facultative reinsurance services include placements in casualty, marine and energy, marine hull, and property risks.
The licensing approval comes amid broader regulatory initiatives by IFSCA to promote GIFT City as a global reinsurance hub. In early 2025, IFSCA established a Standing Committee on Insurance composed of senior industry leaders to advise on the sector’s development within the International Financial Services Centre.
The committee is tasked with supporting market growth and reviewing policy frameworks to attract global reinsurers, including players like Sing Re.
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