Faber Global, the facultative and wholesale reinsurance arm of Willis Group Holdings, announced that it has increased its global reach by establishing a presence in Singapore to cover facultative reinsurance for Singapore and Asia.
The bulletin noted that “Faber places all classes of facultative reinsurance and wholesale insurance, including key ‘specialisms’ in Property, Casualty, Accident & Health and Cargo. The Singapore office will build on the current Faber platform provided through the Japanese and Australian business units, offering a cedent focused proposition aimed at accessing the business centered around the Asian hub.”
The new Singapore operation will be headed up by Duncan Stockley, CEO of Faber Asia-Pacific since 2011. He has 20 years of experience in the direct insurance and reinsurance industry, and prior to joining Willis held a number of senior placement positions for Marsh in London, Sydney and Tokyo. Based in Singapore, Stockley will report to Faber Global’s CEO Jason Howard.
Howard indicated that there “is an enormous opportunity for both Facultative and Treaty reinsurance in the Singaporean market. Our platform is a working example of how Faber brings the powerful combination of an independent trading ethos backed by the resource of a global industry leader to our clients.
Steve Hearn, CEO and Chairman of Willis Group’s Global Businesses, commented: “Asia continues to be of enormous importance to Willis as a rapidly growing economy and market, and we have made significant progress developing our business in the region over the past several years. We are delighted to offer the addition of Faber’s network and expertise to our valued clients in the region. The facultative experience and regional knowledge of the newly established Faber team will complement our existing Asia operations and will allow us to offer a full range of value-enhancing insurance and reinsurance solutions our clients.”