What TQR does

TQR Public Company Limited is a Thailand-domiciled, Bangkok-headquartered reinsurance broker listed on the Stock Exchange of Thailand under the ticker TQR. The company operates as a B2B intermediary connecting direct insurance companies (cedants) in Thailand with global and regional reinsurers, providing three core services: Treaty Reinsurance (automatic risk transfer based on pre-agreed terms), Facultative Reinsurance (individual case-by-case risk placement), and Total Service (comprehensive risk management consultancy covering product design, marketing advisory, and distribution channel development). The company holds OIC registration (No. ว00009/2555) and Thai Insurance Broker Association membership, which are required credentials for broking in Thailand.\n\nTQR generates revenue primarily through brokerage commissions on treaty and facultative placements (transaction-fee model), supplemented by an "Alternative Business" line that co-develops new insurance products — cyber, EV, ESG-linked, and carbon credit insurance — through joint ventures with AlphaSec and TQM ALPHA. A third leg, the RSquare service joint venture, provides consultancy and training on a professional-services basis to a small number of insurance clients (3 today, targeting 5–6). The underlying technology stack is not proprietary; the business is relationship- and expertise-driven, with the management team citing over 20 years of reinsurance broking experience. For FY2022 (year ended 31 December 2022), TQR reported THB 243.50 million in total revenue and a record THB 98.27 million in net profit, with a THB 89.70 million dividend payout (THB 0.39 per share). The go-to-market is enterprise field sales: TQR maintains direct C-suite relationships with Thai insurers, reinforces credibility through industry conferences (TRC, SIRC), participates in OIC executive programs, and conducts annual CEO courtesy visits to economic and financial media. The company has been recognized eight times by the Prime Minister's Insurance Awards, including three consecutive wins from 2017 for best Non-Life Insurance Broker, and won Best Broker of the Year at the 6th Emerging Asia Insurance Conclave & Awards 2025.

Name

TQR

Legal name

TQR Public Company Limited (บริษัท ที คิว อาร์ จำกัด (มหาชน))

Website

https://tqr.co.th

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

TQR Public Company Limited is a Bangkok-based, SET-listed reinsurance broker that connects Thai direct insurance companies with global and regional reinsurers through treaty, facultative, and consultancy services, with growing cyber and ESG product lines via joint ventures.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Reinsurance Brokerage Commission (Treaty & Facultative): TQR earns commission fees from facilitating reinsurance arrangements between direct insurance companies (cedants) and global/regional reinsurers. Revenue is derived from Treaty Reinsurance brokerage and Facultative Reinsurance brokerage services.
2. Alternative Business - New Product Development: TQR develops new reinsurance products jointly with insurance partners (e.g., cyber insurance, EV insurance, ESG-linked insurance, carbon credit insurance), generating revenue from brokerage on these innovative product lines.
3. Service Business (via RSquare joint venture): TQR operates a service business through its joint venture RSquare, providing consultancy services including insurance product design, marketing advisory, and platform/training development for insurance clients. Currently has 3 service clients with targets to expand.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

TQR is a B2B reinsurance broker that facilitates risk transfer between direct insurance companies in Thailand and global/regional reinsurers. The company provides Treaty Reinsurance (automatic portfolio-level risk transfer under pre-agreed terms), Facultative Reinsurance (case-by-case individual risk placement), and Total Service (comprehensive risk management consultancy including new insurance product design and distribution strategy).

Product overview

TQR is a reinsurance broker providing three core services: Treaty Reinsurance (automatic risk transfer based on pre-agreed terms), Facultative Reinsurance (individual case-by-case risk assessment and placement), and Total Service (comprehensive consultancy for product development and distribution). The company acts as an intermediary between direct insurance companies and global/regional reinsurers, facilitating risk transfer solutions and portfolio management.

Differentiator

Problem solved

Functional benefit

Products and services

• Treaty Reinsurance

Quantifiable outcome

• Net profit reached record high of THB 98.27 million in FY2022, up from THB 97.46 million previous year
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered flagship and core.

• Thai General Insurance Association (TGIA)flagshipGTM or Marketing Partner · 1 October 2025TQR served as a Corporate Partner of the Thailand Reinsurance Conference (TRC) 2025, organized by TGIA. The conference brought together over 800 participants from 24 countries, positioning TQR as a key industry thought leader.
• OIC (Office of Insurance Commission Thailand)coreGTM or Marketing Partner · 1 September 2025TQR participated as guest speakers at the OIC Advanced Insurance Executive Program (Class 13), presenting on 'Cyber Insurance: Risks and Case Studies', demonstrating thought leadership in the Thai insurance industry.
• TQM ALPHA Public Company Limited (ทีคิวเอ็ม อัลฟา)coreStrategic or Co-development Partner · 1 January 2023TQR collaborates with TQM ALPHA to jointly develop new insurance products covering travel, residential, health, and construction segments. This partnership extends TQR's alternative business revenue stream through product co-creation with TQM ALPHA's distribution network.
• AlphaSec Co., Ltd. (อัลฟ่าเซค)coreStrategic or Co-development Partner · 1 January 2023TQR invested in a joint venture with AlphaSec to develop and distribute cyber insurance products in Thailand. This partnership enables TQR to tap into the growing cyber insurance market and supports clients in addressing cyber risk following the Personal Data Protection Act (PDPA).
• RSquare Co., Ltd. (บริษัท อาร์สแควร์ จำกัด)coreStrategic or Co-development PartnerRSquare is TQR's joint venture service company providing consultancy services including insurance product design, marketing advisory, and training platform development. RSquare currently serves 3 insurance clients and aims to expand to 5-6 clients.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Arthur J. Gallagher (AJG): Global insurance brokerage and risk management firm with significant reinsurance intermediary operations. Comparable to TQR in serving insurance carriers with treaty and facultative placements and offering specialty product development services.
• Aon Reinsurance Solutions: Reinsurance division of Aon plc, one of the world's largest reinsurance brokers. Competes with TQR for Thai and Southeast Asian cedant mandates and provides the global reinsurer network capacity that TQR accesses on behalf of Thai insurers.
• Willis Re (WTW): Reinsurance brokerage arm of WTW (formerly Willis Towers Watson). A global direct competitor in treaty and facultative reinsurance placement, also active in Southeast Asia and serving insurance carriers in emerging Asian markets.
• Guy Carpenter: Global reinsurance specialty broker and division of Marsh McLennan. Directly comparable to TQR as a pure-play reinsurance intermediary serving cedants and reinsurers across treaty and facultative placements, though operating at vastly greater scale globally.
• Lockton Re: Independent global reinsurance broker and largest privately held insurance broker worldwide. Comparable to TQR as a reinsurance intermediary serving cedants, with growing Asia-Pacific presence that may overlap with TQR's Thai market.
• Marsh: Global insurance and reinsurance broker (parent of Guy Carpenter). Operates across the same reinsurance value chain as TQR, providing treaty and facultative placement, captive management, and risk advisory to insurers in Asia.

Regional players

• Bangkok Insurance Broker Co., Ltd. One of Thailand's established local insurance brokers with reinsurance capabilities. Comparable to TQR as a Thai-based intermediary serving cedants, though typically broader in scope across direct insurance brokerage rather than specializing in reinsurance placement.
• Perfect Companion Insurance Broker (Thailand): Thai insurance broker with reinsurance capabilities. Operates in the same Thai market as TQR, serving local insurers and corporate cedants, though smaller and broader in product scope than TQR's reinsurance-focused franchise.

Others

• Thai Reinsurance Public Company Limited (Thai Re): Thailand-domestic reinsurance carrier (not broker). Adjacent participant in the same Thai reinsurance value chain — TQR places cedant business with reinsurers that include regional carriers like Thai Re, making it a counterparty/ecosystem participant rather than direct competitor.

Emerging players

• Howden Re: Reinsurance division of Howden, a fast-growing independent broker expanding aggressively in Asia-Pacific. Comparable reinsurance intermediary model but with broader geographic footprint and capital backing than TQR.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/TQR
• LinkedInlinkedin.com/company/tqr-public-company-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TQR