Great American Insurance Group is joining the procession of specialty insurers staffing up a new branch operation in Singapore, the group announced Friday.
The group said that its lead insurer, Great American Insurance Company, has received preliminary approval from the Monetary Authority of Singapore (MAS) to set up a branch and plans to begin underwriting risks once all pre-conditions for licensing have been completed, which is estimated to happen in the June 2015 time frame.
Great American Insurance Group’s entry into the Singapore market expands its international footprint into Southeast Asia, the group said in a statement. “This opportunity allows Great American to actively participate in Singapore’s efforts to establish itself as a global insurance hub,” the statement said.
Great American intends to focus on specialty lines—onshore and offshore—through the branch which is to be led by Chee Keng Koon, a seasoned insurance professional in the Singapore and Asian markets.
Specialty insurers including Berkshire Hathaway Specialty Insurance, Ironshore and Allied World have announced staffing in Singapore in recent months as well. PartnerRe also said that a wholly owned subsidiary was licensed by the MAS to operate as a nonlife and life reinsurer, capitalized in Singapore.
Speaking for Great American Insurance Company, Don Larson, president and chief operating officer of Great American Insurance Company, said Chee would be supported by the recruitment of experienced local underwriters, and a finance and operations team led by Vanessa Teo.
Source: Great American Insurance Group