Munich Re Syndicate Singapore (MRSS) has formed a partnership with Nectar Specialty Risk Pte Ltd. (Nectar), a Singapore incorporated limited liability company and Lloyd’s coverholder that provides tailor-made re/insurance solutions.
Nectar’s professional line products are offered under the trading name of Nectar PRO, a financial lines business unit focused on emerging Asian markets in Southeast Asia and the Indian sub-continent.
Nectar PRO offers “significant capacity” in the areas of directors and officers (D&O), professional indemnity (PI), crime and financial institutions, for corporations across the Asia-Pacific region, said MRSS, explaining that coverage is provided as direct insurance and reinsurance through local insurers.
Nectar offers the security of Lloyd’s of London and will now underwrite on behalf of Munich Re Syndicate Singapore Pte Ltd, under authority from Munich Re Syndicate 457 at Lloyd’s.
“Asia Pacific is one of the key growth markets for Munich Re Syndicate, since the inauguration of our Singapore office as our Asia Hub last summer,” commented Celine Ang, head of Asia, Munich Re Syndicate Ltd. “We are able to capitalize on our regional experience of understanding different economies, cultures and businesses across geographies to provide quality service to the Asia Pacific region.”
Ang continued: “Nectar PRO will allow us to expand both our distribution into these Asian markets and also to service the mid-market segment with a high volume of transactions in an efficient manner. In this respect, it is completely complementary to both our current open market Financial Lines strategy in the region and to our overall business strategy of transitioning to a specialty Syndicate with a diverse business offering.”
Munich Re Syndicate said it carefully selects the clients it partners with and are open to new business models, sectors and industries, while providing effective insurance solutions that enable these businesses to prosper.
Ram Garg, founder and CEO of Nectar commented: “Nectar has extremely close relationships with local insurers and brokers in the emerging Asian markets. By working with Munich Re Syndicate, whose brand represents deep industry expertise, innovation and financial strength, we are confident in the solutions we are able to provide as partners.”
About Munich Re Syndicate Ltd.
Launched in 1977, Munich Re Syndicate is a marine and specialty insurance underwriter at Lloyd’s of London. The syndicate has been part of Munich Re since 1997 and is currently operating under the holding of Munich Re Specialty Group Ltd. It includes Munich Re Syndicate Singapore Pte Ltd. (MRSS), established in 2000, which is also committed to providing the highest-quality service to clients in the Asia-Pacific region.
The MRSS Singapore office is the underwriting hub for the Asia-Pacific region with dedicated offices in Malaysia and China.
Source: Munich Re Syndicate
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