Labuan Reinsurance (L) Ltd was incorporated under the Labuan Companies Act 1990 on September 14th 1992, with a paid up capital of USD10 million by Malaysian Re. Initially named Malaysian-Re International Insurance Limited (MIIL), the company was recapitalised in 1996 with an increase to the paid up capital to USD100 million and with the entry of 10 new shareholders to help the Government to build up the national retention capacity in the underwriting of the Malaysian business, whilst conserving the foreign exchange. Subsequently, MIIL was renamed to Labuan Reinsurance (L) Ltd on February 20th 1997 and the paid up capital was increased to USD150 million.