Swiss Re Corporate Solutions' Singapore branch receives a licence to offer commercial insurance in Singapore and Asia
02 October 2013, Zurich
Swiss Re Corporate Solutions announced today that its wholly-owned Luxembourg subsidiary Swiss Re International SE has set up a branch in Singapore and received an insurance licence from the Monetary Authority of Singapore.
The newly licensed entity, Swiss Re International SE Singapore Branch (SRISG), will begin operations immediately. It will offer a broad range of direct insurance products to large and upper end middle market corporate clients, as well as to captives in Singapore and selected markets in Asia. In addition to standard Property and Casualty insurance, the product offering will include Professional and Financial lines, Engineering, Aviation, Marine, Credit and customised risk-transfer solutions.
Fred Kleiterp, Head of Asia Pacific for Swiss Re Corporate Solutions, says: "This is a significant milestone for Swiss Re Corporate Solutions in Asia, a region to which we are committed for the long term. 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.
"Clients in Asia will benefit from a wide product range with local representation, supported by Swiss Re Group's global resources and expertise," Mr Kleiterp adds.
Angela Kelly, a Swiss Re executive with more than 20 years of experience in the industry and a profound understanding of the Asian business culture, will act as SRISG's Chief Executive. Ms Kelly is based in Singapore and will keep her current position as Head of Casualty Asia for Swiss Re Corporate Solutions.
"The new licence will play a key role in our strategy to grow our portfolio in Asia," says Ms Kelly. "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."
Notes to editors
Swiss Re Corporate Solutions
Swiss Re Corporate Solutions offers innovative, high-quality insurance capacity to mid-sized and large multinational corporations across the globe. Our offerings range from standard risk transfer covers and multi-line programmes, to highly customised solutions tailored to the needs of our clients. Swiss Re Corporate Solutions serves customers from over 40 offices worldwide and is backed by the financial strength of the Swiss Re Group. For more information about Swiss Re Corporate Solutions, please visit www.swissre.com/corporatesolutions or follow us on Twitter @SwissRe_CS.
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.
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