Labuan-based Mandarin Re has raised its paid-up capital to $26 million, its second capital increase this year, as it looks to expand into markets where larger reinsurers have reduced their presence.
The additional capital supports Mandarin Re’s target of writing $70 million in gross written premium in 2026, according to the company.
Mandarin Re said the move comes as larger reinsurers concentrate capital on core markets and withdraw from some secondary territories as pricing conditions soften. The company sees an opportunity to provide capacity to cedants that have been left with fewer options.
“Some reinsurers have chosen to slash their exposure in certain countries and even whole regions without considering each risk,” said Mikhail Grishin, board member and chief operating officer of Mandarin Re. “That leaves many superb cedants without access to sufficient quality capital.”
Mandarin Re was licensed in Labuan in 2015 and now operates across Latin America and the Caribbean, Asia Pacific, the Middle East and North Africa, and Africa and Europe. It reaches more than 150 countries through brokers, cedants and strategic partners.
Property accounts for around 70% of its portfolio, with the remainder comprising engineering, marine, energy, aviation, liability, surety and political risk. The company writes both treaty and facultative business and does not operate in the US or Canada.
Chief executive Redzal bin Mohamad said the company had hired additional underwriters and expanded into new territories and product lines as part of its growth strategy.
Mandarin Re has also expanded its distribution network. In March, a Miami-based specialty platform received binding authority to underwrite facultative property risks, treaty reinsurance and industry loss warranty structures on its behalf.
The capital increase was accompanied by the appointment of Patrick G. W. Ward to Mandarin Re’s board. Ward has more than 35 years of insurance industry experience and most recently served as group president and chief executive of Bahamas First Insurance Group.
Ward said his focus would include strengthening governance as Mandarin Re expands internationally.
The move highlights the opportunity for specialist reinsurers as global capacity becomes increasingly selective. While reinsurance capital remains substantial, its availability varies significantly by geography and class of business, creating openings for carriers willing to maintain exposure in markets that larger players are avoiding.
