The announcement that the office had obtained the necessary authorisation to begin underwriting was expected to be made by the Monetary Authority of Singapore soon after delegates left following the end of this week’s Singapore International Reinsurance Conference.

The firm has had a representative office for some months but as Validus Re CEO Conan Ward explained the need was clear for a dedicated branch office.

“There are a large number of restrictions on what a representative office in Singapore can do and therefore if we were to realise our ambitions in Asia then we needed to have a fully authorised branch.”

The branch will be head by Marc Haushofer who had formerly been working in Asia for Munich Re.

Mr Ward said the company was committed to the Asian region and had not set any hard and fast targets.

“We are fully aware that it will take time but we want to play a role in the Asian markets and we are prepared to be patient as we build the business,” he added.