Round-up of the latest news and developments from the Asian insurance market with stories from Tokio Marine Kiln, Berkshire Hathaway, AIG and more.
Tokio Marine hires Chubb property underwriter in Singapore
Tokio Marine Kiln (TMK) has named Jamie Tang from Chubb as property underwriting manager for its Singapore team.
Tang specialises in complex property business and developing broker relationships. He has previously worked in the Australian market.
In his role, Tang will be responsible for the development of the property underwriting portfolio of TMK across the Asia region.
Alex Dugand, managing director for Asia, TMK shared: “It is a pleasure to welcome Jamie to the team. Our property portfolio in Asia is a core and long-standing part of our business. Our success here is testament to the strong technical expertise of our underwriters and the quality of the relationships they build. Bringing Jamie on board will complement our property offering across the region at a time when we can see many new opportunities, despite the challenging market environment.”
Berkshire Hathaway exits Hong Kong EC terrorism pool
Berkshire Hathaway Specialty Insurance Company (BHSI) has withdrawn from the Hong Kong employees’ compensation (EC) terrorism pool for policies starting or renewing on or after 1 December 2018.
Instead, BHSI will now offer EC terrorism coverage to its customers directly, becoming the first insurer in Hong Kong to do so.
BHSI said its coverage will no longer be subject to the levy on policy premiums as it will be free from any of the pool’s restrictions.
The EC terrorism pool was created to provide terrorism cover for Hong Kong EC policyholders after the 11th September terror events when capacity had receded in the international markets.
The pool provides a maximum limit of HK$10bn ($1.28bn) which until now was shared among all EC policyholders for all terrorism claims on a 'first come, first served' basis. Insurers participating in the pool must charge their EC policyholders a 3 percent levy on policy premiums which is then remitted to the Hong Kong SAR Government.
CEO of BHSI Hong Kong, Marc Breuil commented: “BHSI’s Employees’ Compensation policies are now exclusively backed by its own financial strength – which carries the same S&P rating as the Hong Kong SAR Government – and provide EC terrorism coverage to policyholders without the obligation to pay the levy,"
He added: “The feedback from the customers and brokers we have discussed our approach with has been incredibly encouraging,”
"We are excited to offer this market-changing coverage development to our current and future EC customers.”
AIG appoints Sachin Shah as regional CEO
AIG has appointed Sachin Shah as CEO of Asia Pacific, AIG General Insurance.
Shah will be based in Singapore and report to Christopher Townsend, CEO of AIG General Insurance International.
Shah joins AIG from MetLife Japan where he served as chairman, president and CEO since 2013.
He currently serves as the president of The American Chamber of Commerce in Japan.
The appointment will be effective at the end of December 2018, subject to regulatory approval.
Commenting on the appointment, Townsend shared: “I am pleased to welcome Sachin Shah to AIG as CEO of our Asia Pacific business. I look forward to working closely with Sachin to deliver innovation and value to our customers and distribution partners in this dynamic region.”
Shah said: “I’m delighted to be joining AIG and the International General Insurance management team at this exciting time in the Asia Pacific region. I look forward to working with AIG colleagues across the region to deliver on our growth ambitions in these fast-moving economies.”
Tokio Marine Life Singapore CEO steps down
Tokio Marine Life Insurance Singapore (TMLS) has announced James Tan has stepped down from his role as CEO.
Tan served as CEO of TMLS since June 2016. Before that he was managing director at Friends Provident International in Hong Kong. He has also previously worked at the likes of; AIA, Bain and Co, ING and Standard Chartered, and has worked in Asia, the Middle East and the US.
The insurer’s board will make another announcement regarding Tan’s successor as CEO.
During the transition period, chief financial officer (CFO) Kenneth Chew will act as interim CEO and oversee the company’s day-to-day activities.
Chew has previously performed the roles of chief risk officer (CRO) and chief operations officer (COO) at the firm, and is a qualified accountant.
A press release by TMLS credited Tan with steering the company towards the long-term strategic goal of a sustainable and profitable business in Singapore.
“The Board thanks Mr Tan for his dedication and contribution to TMLS, and wishes him well for the future,” said Tan Cheng Han, chairman of the board of directors at TMLS.
Arthur J. Gallagher & Co acquires IBS Re Singapore and takes stake in Indonesian broker
Arthur J. Gallagher & Co has acquired 100 percent of reinsurance broker IBS Re Singapore as well as taking a 40 percent stake in Indonesian broker PT IBS Insurance Broking Service.
Based in Jakarta, PT IBS Insurance Broking Service has revenues of over $10mn and targets major corporations, middle-market companies, small to medium-sized enterprises (SMEs) and individual customers across Indonesia.
It focuses on offering solutions in real estate, banking and finance, forestry and agriculture, marine, manufacturing, energy, construction, plants and equipment, and motor.
“IBS Group has been a key participant in Gallagher’s strategic broker partner network, Gallagher Global Alliance, for more than 15 years,” said J. Patrick Gallagher, chairman, president and CEO of Arthur J. Gallagher.
He continued: “This is a terrific opportunity to strengthen our relationship and work even more closely in pursuit of future business opportunities,”
Vyvienne Wade, CEO of Gallagher’s overseas division, also commented: “Many of IBS Group’s strengths are complementary to those of our London and Singapore-based Specialty and reinsurance teams, which will generate a truly symbiotic relationship. We are delighted to welcome Swandi Kendy, Setia Hadidjaja and the talented IBS team to Gallagher.”
“We are very proud to have grown IBS into the diverse, integrated risk services provider it is today, and know that Gallagher is the right partner to help us realize the future growth potential of the business,” added Swandi Kendy, IBS Group CEO / president director.
“This new strategic alliance will create significant opportunities for both of us, and give our clients even greater access to sector specialists, markets and facilities.”
The announcement follows Gallagher’s recent acquisition of two California-based property and casualty (P&C) brokers, Buckman-Mitchell, Inc. and R.T. Beers & Company Insurance Services, Inc.
RKH Specialty hires Franzman to head APAC marine lines
RKH Specialty has named Julian Franzman as head of marine cargo, hull, and liabilities for Asia-Pacific.
Franzman will be based in Singapore, once his contractual obligations to his present employer have been discharged.
He joins RKH Specialty from JLT Re Asia-Pacific, where he was managing director of marine and aviation.
Franzman has over 30 years’ experience in marine insurance and reinsurance, and has been based in Asia-Pacific since 1997.
Based in Singapore, RKH Specialty’s Asia-Pacific operations are currently focused on property, power, energy, construction and financial risks.
According to the firm, Franzman’s appointment will bring together RKH Specialty in Singapore and its specialist Hong Kong-based marine broker FP Marine to grow the marine operation in Asia-Pacific.
Stuart Beatty, CEO of RKH Specialty Asia-Pacific commented: “We are looking forward to welcoming Julian,”
“The skills, knowledge and experience he brings with him adds to our existing expertise and will accelerate our plans to develop our offering, and not only in Asia-Pacific. As our business around the world is organised around product lines, rather than geographical areas, we always access our colleagues’ expertise and markets around the world to ensure we deliver our clients the best that global markets have to offer. The cross-border collaboration it encourages creates innovation in terms of product and service delivery.”