AJG targets reinsurance growth in Asia
Arthur J Gallagher (AJG) (Singapore) has appointed Maxwell Sung as managing director reinsurance as part of strategic plans to increase its reinsurance portfolio in Asia.
Sung, who is originally from Taiwan and a fluent Mandarin speaker, previously worked for AJG in London having joined in 2002. He transferred to the Singapore office two years ago following the acquisition of local broker ITI Solutions, later renamed AJG Singapore.
The company said the appointment is another step in AJG’s plans to extend its services across the region as it seeks to diversify its client base, expand into new Asian regions, offer additional core specialty lines and recruit fresh talent to enhance its broking expertise.
Sung said: “I am very pleased to be appointed as head of what is an expanding division for AJG Singapore. We believe there are significant opportunities in this region. Via AJG’s operations in Singapore, the reinsurance division has expanded across several core specialty lines sectors in the past two years including trade credit and political risk cover, marine cargo and hull.
“We have also been working closely with our reinsurance colleagues in London to explore key reinsurance markets in Asia and my appointment now reflects the fact we are starting to gain momentum in key markets around the region.”
Sung said if his strategic business plan is met reinsurance-related income should see annual growth of 30%, over next three years.
AJG Singapore’s main reinsurance book currently stems from north Asia and in particular Greater China and South Korea.
Sung said: “We can place both facultative and treaty reinsurance programmes which can be tailor-made and we have the capacity to place large scale projects.
“Our aim is to diversify our client base around the region and we are now actively looking at south Asia. In addition, Thailand has become an interesting energy market for us on the reinsurance side,” he said.
