Brit Ltd., the London-based specialty insurer, has opened an office in Singapore, which will begin operations on March 1 via the Lloyd’s Singapore platform.
Brit has received approval to begin underwriting from both Lloyd’s and the Monetary Authority of Singapore (MAS).
The office will be headed by Charlie Barrett, currently class underwriter for war and terrorism, who has been with Brit since February 2011.
From Singapore, Barrett will initially write war and terrorism and political risk. He will be joined by Hong Onn Ching who will to write construction business.
Fairfax Financial Holdings Ltd., Brit’s parent company, already has a significant presence in Asia, through First Capital, its Singapore-based re/insurance subsidiary.
“Local markets such as Singapore are becoming increasingly important as we see both capacity and insurance penetration continue to grow. By opening an office in Singapore, we’ll be able to offer both on the ground expertise and local access to decision makers,” commented Matthew Wilson, CEO of Brit Global Specialty.
“Not only is Singapore an exciting hub in its own right, we also see opportunities arising from Fairfax’s significant network in the region and look forward to working closely with other businesses within the group.”
Source: Brit Ltd.