MNRB’S unit issues RM50mil subordinated MTN

KUALA LUMPUR: MNRB Holdings Bhd’s wholly-owned subsidiary, Malaysian Reinsurance Bhd (Malaysian Re) has issued a RM50mil subordinated medium term notes (MTN), under its RM250mil subordinated MTN Programme.

The issuance was fully subscribed by MNRB.

It said proceeds from the issuance would be used to strengthen its capital in view of the substantial growth of its gross premium during the last 9 months.

The stronger capital will also support Malaysian Re’s business remodelling plan, a strategic transformation programme to transform its business portfolio over the next few years.

As Malaysian Re has accelerated some of the initiatives under its remodelling plan, the company is undertaking a proactive measure to ensure adequate capital to support the acceleration.

“MNRB fully supports Malaysian Re’s efforts in strengthening its business growth and expansion plans.

“The remodelling plan is in line with the group’s transformation journey, and we believe that this effort will further contribute to the group’s profitability moving forward,” MNRB president and group chief executive officer Zaharudin Daud said in a statement.

“The added capital from this issuance will enable Malaysian Re to push further into profitable lines and territories, rebalance its underwriting portfolio and enjoy the diversification benefits from remodelling the portfolio,” he added.

The subordinated MTN issued by Malaysian Re qualifies as a Tier 2 capital instrument in compliance with the requirements of the risk-based capital framework for insurers issued by Bank Negara.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

MNRB , Malaysian Reinsurance


Next In Business News

PJD Link seeks public listing on Bursa Malaysia via RTO
Ringgit falls against US$ at close
SCB admitted into PN17 status
FBM KLCI snaps eight-day losing streak, broader market stays negative
TSR to dispose of Port Dickson property for RM23.8mil
EP Manufacturing gets Miti licence to make electric bikes
Oil rebounds 3% as Opec+ weighs biggest output cut since 2020
Malaysia's economy not in crisis, growth trajectory remains positive - BNM governor
NCT inks MoU to explore Microsoft's cloud, data management solutions for NSIP
There is more to the country's economy, not just the ringgit - BNM governor

Others Also Read