Munich Re Syndicate Singapore (MRSS), a subsidiary to Munich Re’s Lloyd’s syndicate, has formed a partnership with Nectar Specialty Risk, a Singapore-based customized reinsurance services provider.
Image: MRSS partners with Nectar Specialty Risk. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
The partnership is expected to help Munich Re Syndicate Singapore in expanding its position in Asia.
Nectar offers its line of products under the brand name Nectar PRO and they are focused on emerging Asian markets across Southeast Asia and the Indian sub-continent.
Nectar claims to be offering significant capacity in areas such directors and officers (D&O), professional indemnity (PI), crime and financial institutions, for corporations across the Asia-Pacific region. The coverage is provided as direct insurance and reinsurance through local insurers.
Nectar offers Lloyd’s of London security and will now underwrite on behalf Munich Re Syndicate Singapore, with authority from Munich Re Syndicate 457 at Lloyd’s.
Munich Re Syndicate Asia head Celine Ang said: “Asia Pacific is one of the key growth markets for Munich Re Syndicate, since the inauguration of our Singapore office as our Asia Hub last summer.
“We are able to capitalize on our regional experience of understanding different economies, cultures and businesses across geographies to provide quality service to the Asia Pacific region.”
Ang continued saying: “Nectar PRO will allow us to expand both our distribution into these Asian markets and also to service the mid-market segment with a high volume of transactions in an efficient manner.
“In this respect, it is completely complementary to both our current open market Financial Lines strategy in the region and to our overall business strategy of transitioning to a specialty Syndicate with a diverse business offering.”
Munich Re Syndicate said that it is open to new business models, sectors and industries, while offering effective insurance solutions that help businesses to prosper.
Nectar founder and CEO Ram Garg said: “Nectar has extremely close relationships with local insurers and brokers in the emerging Asian markets. By working with Munich Re Syndicate, whose brand represents deep industry expertise, innovation and financial strength, we are confident in the solutions we are able to provide as partners.”