Competition to lead Singaporean independent broking sector

Competition to lead Singapore's independent reinsurance broking market and to command a bigger presence in the region is increasing. Asia Reinsurance Brokers (ARB), one of the largest independent reinsurance brokers, has 63 employees in over six countries in Asia with reported revenues of S$151 million (US$104 million) in 2015. Last year, ARB and its parent group AsiaRe holdings acquired a majority stake in Adi Pratama Asia in Indonesia, which has since been renamed PT Asia Reinsurance Brokers Indonesia. UK firm B P Marsh & Partners bought a stake of 20% in ARB. ARB was set up in 2008, after a management buy-out of the business from AJ Gallagher led by the CEO, Richard Austen. ARB offers long-term reinsurance and insurance solutions to a wide range of insurance and reinsurance companies throughout Asia and is a fully registered insurance intermediary with the MAS. It has offices throughout the region, including Singapore, Malaysia, the Philippines and Indonesia.