Swiss Re International has received a licence from the Monetary Authority of Singapore to offer commercial insurance at its new office in the country.
The new entity called Swiss Re International SE Singapore Branch (SRISG) will offer direct insurance products to large and upper end middle market corporate clients, as well as to captives in Singapore and selected markets in Asia.
Apart from standard property and casualty insurance, the product offering will include professional and financial lines, engineering, aviation, marine, credit and customized risk-transfer solutions.
Swiss Re Corporate Solutions Asia Pacific head Fred Kleiterp, said, "The licence will enable us to play a more prominent role in the region’s commercial insurance sector and better serve the domestic and wholesale markets."
Angela Kelly, Swiss Re executive, will act as CEO of SRISG. Kelly will be based in Singapore and will retain her current position as head of Casualty Asia for Swiss Re Corporate Solutions.
Kelly said that the new licence will play a key role in our strategy to grow the company’s portfolio in Asia.
"We are convinced that Swiss Re Corporate Solutions’ value proposition, anchored in our strong financial ratings, large net capacity, innovation skills and demonstrated underwriting knowledge, will generate significant value to brokers and clients in the region," Kelly added.