RedRay

Name

RedRay

Legal name

RedRay MGA Pte Ltd

Website

https://redray.asia

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Specialty Insurance Underwriting (MGA)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

Keywords

• Managing general agent
• Specialty insurance underwriting
• Insurance distribution platform
• Reinsurance brokerage services
• Asia pacific insurance

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. MGA Commission and Underwriting Fees: As an MGA, RedRay earns commission and fees from insurers and reinsurers for underwriting insurance policies on their behalf. RedRay designs and develops insurance products, quotes and binds coverage, and manages portfolios in exchange for a share of premiums collected.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

RedRay is an independent Singapore-based Managing General Agent (MGA) that designs, develops, prices, binds, and manages niche specialty insurance and reinsurance portfolios on behalf of insurer and reinsurer capacity providers across the Asia Pacific region. Its offering spans five core lines — Healthcare Liability, Property & Energy, Political Risk, Structured Credit, and Surety — with a London-market platform (RedRay UK) serving Property & Energy risks. Revenue is earned through underwriting commissions and fees on the premiums placed for capacity partners.

Product overview

RedRay is a Managing General Agent (MGA) providing an insurance distribution platform for the Asia Pacific region. The company offers five core insurance product lines: Healthcare Liability (Medical Malpractice), Property & Energy, Political Risk Insurance, Structured Credit Insurance, and Surety bonds. Additionally, RedRay UK operates as a separate London market reinsurance platform. The company acts as a highly scalable 'plug and play' distribution platform enabling insurers and reinsurers to access Asia Pacific business through specialized product teams.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Liability Insurance Medical Malpractice Liability Insurance and associated coverages for healthcare professionals and institutions, including acute and teaching hospitals, clinics, surgeries, aged care facilities, and allied health practitioners. Underwriting capacity provided through Everest International Reinsurance Limited, Singapore Branch under an exclusive MAS-approved MGA appointment.
• Property & Energy Insurance Insurance solutions for commercial property, power and utilities, downstream energy, mid-stream energy, manufacturing, and heavy industrial risks across Asia Pacific, with tailored structured placement solutions up to US$25 million. Targets property owners and operators, power utilities, and downstream energy/industrial manufacturers.
• Political Risk Insurance Political risk cover for Equity & Debt investments, Contractors Comprehensive Plant & Equipment, and Mobile Assets in Asia Pacific, with policy periods up to 20 years and limits up to US$50 million. Designed for financial institutions, exporters, importers, and multinational corporations engaged in cross-border trade and investment.
• Structured Credit Insurance Credit insurance covering Single Buyer Trade Credit, Project Financing, Other Financing, Government Debt (Contract Frustration), and Pre and Post Shipment for traders, lenders, contractors, export credit agencies, and multilateral agencies, with policy limits up to US$50 million and policy periods up to 20 years.
• Surety Bonds Reinsurance capacity for bonds and guarantees including Bid Bonds, Performance Bonds, Advance Payment Bonds, Retention/Warranty Bonds, Labour and Material Payment Bonds, Customs Bonds, Warranty Bonds, Licensing Bonds, Rental Bonds, and Refund Bonds, with maximum bond tenors typically of 5-8 years. Targeted at contractors, suppliers, and businesses in Asia Pacific requiring surety capacity.
• RedRay UK (London Market Reinsurance) London market reinsurance platform operated by RedRay MGA (UK) Limited (an FCA Appointed Representative of Pro MGA Solutions Ltd under reference 770419), providing reinsurance capacity for Property and Energy business including Mining, Oil & Gas, Power, Metals, Heavy Industries, and General Industrial Property.

Quantifiable outcome

• Consistently delivered best-in-class results boosting profits for every client since 2017
• +1 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Everest International Reinsurance Limited (EIS), Singapore BranchflagshipStrategic or Co-development Partner · 14 January 2025EIS appointed RedRay MGA Pte Ltd as the exclusive underwriting agent for Medical Malpractice Liability Insurance and associated coverages in Asia. RedRay is EIS's first exclusive healthcare MGA in Asia. EIS obtained regulatory approval from MAS for this appointment. The partnership leverages RedRay's deep sector expertise and entrepreneurial approach to expand EIS's capabilities in the fast-growing Asian healthcare sector.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Chubb: Largest publicly traded P&C insurer with the dominant Asia Pacific Medical Malpractice franchise. Direct competitor in healthcare liability and former employer of RedRay's Healthcare & Liability head.
• Everest Group: Global specialty (re)insurer and parent of RedRay's flagship capacity partner (EIS). Overlaps with RedRay across political risk, structured credit, and healthcare liability underwriting — and represents both partner and competitor.
• Allianz Trade (formerly Euler Hermes): Global leader in trade credit insurance and a major provider of political risk and structured credit coverage. Direct competitor for RedRay's Structured Credit & Political Risk division in Asia Pacific.
• AIG: Global specialty insurer with significant Asia Pacific operations across political risk, trade credit, energy, and casualty lines. Direct competitor for the same specialty risks and former employer of several RedRay senior underwriters.
• Convex Group: Bermuda-based specialty (re)insurer with significant Lloyd's and London market presence across energy, political risk, and specialty lines. Comparable product mix and reliance on MGA-style origination for certain lines.
• Zurich Insurance Group: Global specialty insurer with strong Asia Pacific specialty lines presence (Structured Credit, Political Risk, Property). Former employer of RedRay's CEO and Structured Credit head — competing for the same capacity-provider and broker relationships.

Direct peers

• Accelerant Holdings: A specialty MGA platform and risk exchange that connects underwriting teams with institutional capacity providers. Highly comparable to RedRay's MGA distribution model, though operating with a heavier technology and data orientation.
• Steadfast Group: Asia Pacific (primarily Australia/NZ) insurance distribution and underwriting platform that empowers broker-MGA partnerships across specialty lines. Comparable MGA-style distribution model and geographic focus in the region.
• PSC Insurance Group: Asia Pacific specialty insurance broker and MGA with diversified product lines and a hub-and-spoke model for niche underwriting. Comparable distribution-first approach to specialty insurance in the region.

Emerging players

• Hiscox: Lloyd's-linked specialty insurer with a focused Asia Pacific and London specialty book. Comparable in scale and niche underwriting approach, particularly in political risk and structured credit.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/redray-asia

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

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 RedRay