Berry Palmer & Lyle Ltd (BPL Global), a UK-based political risk broker has opened a new branch in Singapore, its second Asian subsidiary after the launch of a Hong Kong branch in early 2011.

Located in Raffles Place, BPL Global will undertake development of the political risk insurance market, structuring insurance programs for multinational corporates, banks and financial institutions engaged in international trade and investment.

One of the founding directors, Anthony Palmer will serve as the new company’s chief executive officer, with Harry McIndoe as his deputy.

Palmer said the new subsidiary will immediately focus on working with local financial institutions including the banks, in addition to doing business with the Singapore subsidiaries of its multinational clients.

”These include commodity traders and exporters – a specialist area for BPL Global and a good fit with Singapore’s position as the regional hub for trade and finance,” Palmer added.

Group chairman Charles Berry said, ”BPL Global is the world’s leading independent political risk insurance broker, and the decision to open an office in Singapore reflects the importance of the city-state as an insurance hub for the Asia-Pacific region, a core focus for our global growth.”

Founded in 1983, BPL Global offers a wide range of customized products for organizations with counterparty, sovereign and country risk exposures.