Brit keeps up with Fairfax by opening Singapore office

Brit is opening an office in Singapore after the global specialty insurer gained approval to begin underwriting from both Lloyd’s and the Monetary Authority of Singapore (MAS).

The office, which will be operational from March 1, 2016, 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 to write construction business.

Fairfax Financial Holdings, Brit’s parent company, already has a significant presence in Asia, including through its subsidiary First Capital, the largest re/insurer based in Singapore.

Matthew Wilson, chief executive officer (CEO), Brit Global Specialty and Brit Group deputy CEO, said: “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.

“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.”