Malaysian Re is focusing on long-term growth and deepening its presence in Europe as it navigates a softening market, according to President and CEO Ahmad Noor Azhari Abdul Manaf. In a recent interview with Baden-Baden Today, he emphasized the importance of building sustainable relationships rather than seeking short-term gains.
“When we transact business, it has to be about long-term solutions rather than short-term gains,” Manaf said. “We need to make sure the business works for both parties over the longer term.”
The reinsurer has progressively expanded its European operations in recent years, identifying structured solutions, facultative reinsurance, and specialist lines as key areas for growth.
Manaf noted the company’s success with structured solutions in ASEAN and Asia, expressing confidence in applying that experience to European markets. “Facultative is another area where we can do more. We have been speaking with clients and the demand is there,” he stated.
In the face of a soft market, Manaf acknowledged that pricing pressures have intensified this year, but stressed the company’s focus on the terms and conditions of agreements rather than solely on price. “If those remain stable, pricing is a conversation we can have with clients. We are looking at the relationship over several years, not just one particular year,” he explained.
Expanding Underwriting Capabilities
The company is also investing in specialist underwriting capabilities in areas such as cyber, aviation, space, trade credit, surety, energy, and health. Manaf mentioned the importance of bringing in external expertise to strengthen these areas, noting, “We have been building our specialist teams and will continue to strengthen them.”
Malaysian Re aims to retain more business within the region, but Manaf recognized that building technical knowledge is essential for underwriting these risks properly. He highlighted the diversity across ASEAN markets, stating that each country’s regulatory environment, catastrophe risk, and insurance penetration requires tailored strategies.
Additionally, while the company has established expertise in retakaful, Manaf sees potential for growth beyond traditional sectors like motor and property. “What we are trying to do is take some of the specialist knowledge we have developed across the wider reinsurance business and apply it more deeply within retakaful as well,” he remarked.
Manaf views opportunities in markets such as Malaysia, Indonesia, and the Middle East, including Saudi Arabia and the UAE. He believes that despite softer market conditions, reinsurers should pursue well-structured opportunities. “You need to keep an open mind about how you structure a programme and provide a solution to the client,” he said, reiterating the need for underwriting discipline in the long-term business.
Ahmad Noor Azhari Abdul Manaf is the president and CEO of Malaysian Re. He can be reached at: arie@malaysian-re.com.my
