Swiss Re sets up Singapore branch, obtains MAS insurance license

Will push primarily direct insurance products.

Swiss Re Corporate Solutions announced that its wholly-owned Luxembourg subsidiary Swiss Re International SE has set up a branch in Singapore and received an insurance license from the Monetary Authority of Singapore.

The newly licensed entity, Swiss Re International SE Singapore Branch (SRISG), will begin operations immediately. It will offer a broad range of direct insurance products to large and upper end middle market corporate clients, as well as to captives in Singapore and selected markets in Asia.

In addition to standard Property and Casualty insurance, the product offering will include Professional and Financial lines, Engineering, Aviation, Marine, Credit and customised risk-transfer solutions.

Fred Kleiterp, Head of Asia Pacific for Swiss Re Corporate Solutions, says: "This is a significant milestone for Swiss Re Corporate Solutions in Asia, a region to which we are committed for the long term. The license will enable us to play a more prominent role in the region's commercial insurance sector and better serve the domestic and wholesale markets.

"Clients in Asia will benefit from a wide product range with local representation, supported by Swiss Re Group's global resources and expertise," Mr Kleiterp adds.

Angela Kelly, a Swiss Re executive with more than 20 years of experience in the industry and a profound understanding of the Asian business culture, will act as SRISG's Chief Executive. Ms Kelly is based in Singapore and will keep her current position as Head of Casualty Asia for Swiss Re Corporate Solutions.

"The new license will play a key role in our strategy to grow our portfolio in Asia," says Ms Kelly. "We are convinced that Swiss Re Corporate Solutions' value proposition, anchored in our strong financial ratings, large net capacity, innovation skills and demonstrated underwriting knowledge, will generate significant value to brokers and clients in the region."