Galaxy Insurance Consultants (Singapore) has secured a reinsurance broking license from the Monetary Authority of Singapore (MAS), positioning the 43-year-old firm to compete with global players in one of Asia's most established reinsurance hubs.
The license allows Galaxy to connect clients to international reinsurance markets and broker complex, large-scale risks - a significant step up from its existing direct insurance broking authorization.
The company said the new license expands its capabilities beyond direct broking, enabling it to secure reinsurance terms and offer solutions for clients with larger risk profiles. Galaxy described the authorization as a step toward broadening its role as a risk management and reinsurance partner across the Asia-Pacific region.
Under Singapore's Insurance Act, reinsurance brokers must meet minimum paid-up capital requirements and always maintain net asset value of at least 50% of that capital, alongside mandatory professional indemnity cover.
MAS also imposes fit-and-proper requirements on key officers and broking staff, and requires separate client money accounts – meaning the license carries materially higher governance and prudential obligations than Galaxy's existing direct broking registration.
Galaxy enters a competitive reinsurance broking landscape in Singapore. The Reinsurance Brokers' Association (Singapore) counts among its members the regional arms of Aon, Guy Carpenter, Howden, Gallagher, and Miller, among others.
One industry dataset estimates roughly 98 insurance brokers were active in Singapore as of September 2025, though not all hold reinsurance-specific authorizations.
Still, the market backdrop favors expansion. MAS Deputy Managing Director Chia Der Jiun noted in late 2025 that total life, general, and reinsurance premiums in Singapore grew at an average of more than 8% per year between 2019 and 2024, reaching approximately S$78 billion - with specialty insurance lines and reinsurance capacity expanding to cover large and complex regional risks.
Industry profiles have noted that around 16 of the world's top 25 reinsurers use Singapore as their regional base.
Galaxy was established in 1982 as Galaxy Underwriting Agency Pte Ltd, initially serving as an authorized underwriting agent for insurers in Singapore. The firm developed group schemes for organizations affiliated with the National Council of Social Service and the Singapore Indian Chamber of Commerce, among other affinity groups.
It obtained a direct insurance broking license with Exempt Financial Advisors' status in 2005 and has since built distribution agreements spanning Hong Kong, Malaysia, the Middle East, and Australia.
Galaxy joined Australia and New Zealand's largest general insurance broker network, Steadfast Group, in 2017 and later became a member of the Asinta Partnership, a global consultancy network operating across 56 countries.
The firm currently serves more than 1,000 corporate clients and over 300 individual clients and said it is seeking to expand its international distribution network further.
