Labuan Re was incorporated in the International Offshore Financial Centre of Labuan (an island off the south-west coast of Sabah, a state in East Malaysia), on September 14th, 1992 with a paid-up capital of US$10 million. The Company was established as an international reinsurer and has over a short period of time become a major player in the Afro-Asian insurance/reinsurance industry. The authorised capital of the Company is US$500 million. The Company currently has a paid-up capital of US$150 million. An additional US$50 million has been allotted but not called, as the current paid-up capital is sufficient to support the Company's volume of business for the present and the immediate future.