Munich Re Syndicate Singapore (MRSS) has announced the partnership with Singapore based coverholder Nectar Specialty Risk (Nectar) to expand further into emerging markets in Asia.
Nectar provides a range of professional lines products via its financial lines business unit Nectar Pro, focusing on emerging Asian markets in South East Asia and Indian sub-continent.
Nectar Pro team offers capacity and solid protection for corporations across the Asia-Pacific region as direct insurance and reinsurance via local insurers, with an emphasis on Directors and Officers (D&O), Professional Indemnity (PI), Crime and Financial Institutions.
Celine Ang, head of Asia, Munich Re Syndicate Limited said: “Asia Pacific is one of the key growth markets for Munich Re Syndicate, since the inauguration of our Singapore office as our Asia Hub last summer. We are able to capitalise on our regional experience of understanding different economies, cultures and businesses across geographies to provide quality service to the Asia Pacific region.”
Adding: “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. In this respect, 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 & CEO of Nectar commented: “Nectar has extremely close relationships with local insurers and brokers in the emerging Asian markets. By working with Munich Re Syndicate, whose brand represents deep industry expertise, innovation and financial strength, we are confident in the solutions we are able to provide as partners.”