The International Underwriting Association of London (IUA) and Singapore Reinsurers’ Association (SRA) have entered into an affiliated partnership, in a bid to provide better services for their member companies.
The partnership will allow both organizations to offer a wider range of services for their member firms with offices in both underwriting hubs.
IUA and SRA will work together to provide firms with enhanced research facilities, improved statistical data and responses to regulatory developments affecting their respective international (re)insurance markets.
The deal will also allow Singapore firms to know about the ongoing developments on the London Market’s market modernisation initiatives.
SRA chairman Thomas Lillelund said: "Given its global nature, reinsurers are affected by events and developments that occur anywhere in the world regardless of where their operations may be domiciled.
"Moreover, as both our associations share many commonalities – in terms of objectives, focus areas and membership slate – we believe this affiliation partnership will greatly benefit all our members in better enabling them to serve their clients in this highly interconnected world."
IUA chief executive Dave Matcham explained: "There are clear links between London and Singapore which operate as complementary underwriting hubs for the global insurance and reinsurance industry."
SRA has also launched the first edition of new annual research publication, Asia Reinsurance Pulse, at 13th Singapore International Reinsurance Conference. It provided an overview of Asia-Pacific’s $50bn non-life reinsurance market.
Image: SRA has partnered with IUA to better serve their common membership. Photo: courtesy of The Singapore Reinsurers’ Association.