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.