Everest International Reinsurance Limited (Singapore Branch) appoints RedRay to quote and bind policies for healthcare sector
SINGAPORE - Media OutReach Newswire - 14 January 2025 - RedRay MGA Pte. Ltd. (RedRay), a Managing General Agent (MGA), announced today its appointment as the exclusive underwriting agent for Everest International Reinsurance Limited, Singapore Branch (EIS) for Medical Malpractice Liability Insurance and associated coverages in Asia.EIS has obtained the relevant regulatory approval to appoint RedRay as its underwriting agent to quote and bind policies specific to clients in the healthcare sector. RedRay is now EIS' first exclusive healthcare MGA in Asia.
RedRay's healthcare MGA caters to a broad spectrum of clients – from medical and allied health practitioner organisations to complex institutions such as Acute Hospitals, Teaching Hospitals, Clinics & Surgeries, Aged Care, Assisted Living and other specialty facilities. Healthcare clients can also avail themselves to customised packaged commercial insurance coverage across several lines to help save on their overall insurance expenditure.
On RedRay's appointment, Mr. Tomi Latva-Kiskola, Everest's Regional Head of Insurance Asia said, "Our partnership with RedRay stems from our strategic alignment to target and grow in the fast-expanding healthcare sector. RedRay's deep understanding of the unique exposures and expertise in this sector make it an ideal partner to expand our capabilities in Asia."
The region is primed for rapid healthcare change driven by shifting demographics, rising consumer expectations, technological innovations and limited legacy health infrastructure. The increasing demand for health services for an ageing population, the manpower training to achieve adequate doctor-patient ratios, infrastructure upgrades and digital health disruptions, are driving many governments in Asia to increase their investment in healthcare.
Mr. Christopher Rummery, RedRay MGA's CEO said, "We are delighted and humbled by our appointment to be EIS' exclusive healthcare MGA. Building capacity with partners in rapidly growing sectors of the marketplace lies at the heart of our business. We complement insurance companies like EIS, which have growth ambitions in specialty lines of business, as they can quickly and efficiently tap into our entrepreneurial mindset, robust products and geographical expertise."
Mr. Kamal Hamzah, Head of Healthcare and Liability at RedRay MGA added, "Our partnership with EIS is well-timed as the healthcare industry continues to evolve and impact the indemnity needs of practitioners and institutions alike. Having medical malpractice specialists in the Asia Pacific region with close to 20 years' experience, coupled with our agility and innovation allow us to deliver market-leading solutions for all our healthcare clients. I'm excited for the future of the region's healthcare and look forward to growing further with our existing network of loyal partners and forging new ones."
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About RedRay
At RedRay, we empower the most entrepreneurial insurance professionals in the Asia Pacific region to design, develop and deliver on profit-driven portfolios of insurance and reinsurance businesses.
As a highly scalable 'plug and play' insurance distribution platform, we are designed for local and overseas insurers and reinsurers wanting access to the Asia Pacific business.
RedRay's value lies in its products, geographical reach and expertise. Our robust regional products, at targeted terms, supported by empowered and experienced people, working in partnership with insurers and reinsurers allow us to focus on the best opportunities in the region. We aim to foster trust to grow and enjoy successful long-term partnerships.
More information can be found at www.redray.asia
About Everest Group
Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers' most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.
Everest common stock (NYSE: EG) is a component of the S&P 500 index.
Additional information about Everest can be found at www.everestglobal.com.
source: RedRay MGA Pte Ltd
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