Munich Re Syndicate Singapore (MRSS) is partnering with a Singapore-based limited liability company and Lloyd’s coverholder that provides tailor-made insurance and reinsurance products and services.
The company, Nectar Specialty Risk Pte Ltd. (Nectar), sells its products under the trading name of Nectar PRO, a financial lines business unit focused on emerging Asian markets in Southeast Asia and the Indian sub-continent. Nectar offers the security of Lloyd’s of London and will now underwrite for Munich Re Syndicate Singapore Pte Ltd, under authority from Munich Re Syndicate 457 at Lloyd’s.
Nectar PRO offers “significant capacity” for directors and officers (D&O), professional indemnity (PI), crime and financial institutions, for corporations across the Asia-Pacific region, according to MRSS, which added the coverage is provided as direct insurance and reinsurance through local insurers.
Celine Ang, head of Asia, Munich Re Syndicate Ltd., said in prepared remarks that the Asia Pacific Region is a key growth market for the company, particularly since the launch of its Singapore office as Munich Re Syndicate Ltd.’s Asia hub in the summer of 2018. Ang said the partnership with Nectar PRO will help propel that growth further.
“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,” Ang said. “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.”
Ram Garg, founder and CEO of Nectar, said it will be a valuable partner with Munich Re Syndicate due to its “extremely close relationships with local insurers and brokers in the emerging Asian markets.”
Munich Re Syndicate is a marine and specialty insurance underwriter at Lloyd’s of London, and has been part of Munich Re since 1997.
Source: Munich Re Syndicate
*A version of this story ran previously in our sister publication Insurance Journal.