The Catlin Group Limited announced the formation of the Singapore Branch of Catlin Insurance Company Ltd. of Bermuda. Catlin Insurance Company Ltd. (Singapore Branch) writes specialty lines of direct insurance in Singapore and reinsurance throughout the Asia-Pacific region.
The Singapore Branch, or CICL (SG Branch), was established following the receipt of a “direct license on 23 December 2013 by the Monetary Authority of Singapore,” said the announcement. The CICL (SG Branch) commenced operations as of the first of January 2014 and will be managed by Catlin Singapore Pte. Ltd., Catlin’s current Singapore-based underwriting operation.
Catlin’s announcement noted that it “has been underwriting local and regional business from its Singapore office since 1999 on behalf of Catlin’s syndicate at Lloyd’s of London. The establishment of CICL (SG Branch) allows Catlin Singapore to write business on behalf of either the new branch or the Lloyd’s Syndicate, depending on broker or client preference. Catlin offers the same level of service to brokers and clients choosing either type of paper, including Catlin’s renowned claims service.
“The license granted to CICL (SG Branch) covers all lines of business currently underwritten by Catlin in the Asia-Pacific region. CICL (SG Branch) writes direct business in Singapore and reinsurance throughout the region. Focus areas for the new branch include the following:
• Treaty Reinsurance
• Accident and Health
• War and Terrorism
• Casualty and Financial Lines
• Credit and Political Risk
• Construction and Engineering
Mark Newman, CEO of Catlin’s Asia-Pacific underwriting hub based in Singapore, commented: “We are pleased to announce the establishment of a Singapore Branch of Catlin Insurance Company Ltd. The formation of CICL (SG Branch) underscores Catlin’s firm commitment to our clients in Singapore and the Asia-Pacific region and allows Catlin to expand our product offering in the region.”
Source: Catlin Insurance Company Ltd.