Chubb Sub Partners with Vietnam’s Bao Minh for Specialty Liability Coverage

Federal Insurance Company (Labuan), a wholly owned subsidiary of the U.S. Chubb Corporation, has entered into an agreement to offer specialty liability insurance with Bao Minh, the second-largest insurance company in Vietnam. “The partnership, which reflects Bao Minh’s mission to provide a wide range of specialty insurance products with quality customer service, will focus on writing directors and officers liability policies,” said the announcement.
.
Under the agreement, Federal will provide technical training and capacity to underwrite specialty liability insurance. Bao Minh will provide marketing and local support for introducing these products into the market.

Dr. Tran Vinh Duc, Bao Minh’s CEO, noted: “There has been very strong growth in the export and financial sectors in Vietnam. This rapid growth also poses risks that drive the need for enhanced corporate governance. Insurers play a key role in mitigating risks, providing stability to the sector and comfort to consumers at large. This contributes to enhanced corporate governance.” He also indicated that such partnerships are beneficial to Vietnam’s economy, in addition to building “local underwriting skills while creating products that address the needs of the local market.”

Chubb’s Asia-Pacific managing director, Senior VP Michael J. Casella, expressed his enthusiasm for the partnership. He indicated that “we are making a two-fold commitment to the Vietnamese business community. First, we jointly intend to drive the specialty insurance industry forward through quality in products and customer service. Second, we are committed to work with Bao Minh to position it as a leading provider of specialty insurance products to Vietnamese businesses.”

Source: Chubb – www.chubb.com