Mandarin Re raises capital to $26m to fuel expansion

Property accounts for around 70% of its portfolio.

Labuan-based reinsurer Mandarin Re has increased its paid-up capital to $26m, its second increase this year, as it targets $70m in gross written premiums for 2026. 

Property makes up around 70% of its book, alongside engineering, marine, energy, aviation and specialty lines written across more than 150 countries.

CEO  Redzal bin Mohamad said the capital supports plans to expand into new territories and products. 

Chief Operating Officer Mikhail Grishin said the firm is targeting careful growth in a softening market, arguing that rivals cutting exposure across whole regions have left well-run cedants short of quality capital.

Mandarin Re also appointed Patrick G. W. Ward to its board. Ward has more than 35 years in insurance, most recently as Group

President and CEO of Bahamas First Insurance Group, and currently chairs the Insurance Association of the Caribbean. Grishin said the appointment strengthens governance as the reinsurer grows internationally.

Mandarin Re was licensed in 2015 and is headquartered in Labuan, Malaysia.