13 February 2013Insurance

Singapore is now a reinsurance hub, says Kiln

Singapore’s growth as a speciality lines reinsurance hub over the last five years means it could soon be comparable with other reinsurance hubs such as London, Bermuda and Zurich.

While still smaller in terms of premium volume, Singapore is seeing the amount of premium flowing through it rising.

“If you consider where insurers, reinsurers and brokers have tended to establish a regional presence, Singapore tends to be the Asia Pacific centre,” said Neil Wray, regional managing director at Kiln Asia, which has recently expanded its presence in the region.

“It is interesting that there has been the creation of a regional wholesale special lines reinsurance hub, which has particularly taken off in the last five to six years. I certainly would mention Singapore in the breath as London, Bermuda and Zurich. It is now one of the global wholesale specialty hubs,” he added.

Kiln recently increased the size of its underwriting team in Asia with the appointments of Joyce Fung as a marine liability underwriter in Hong Kong and Graham Oddie as an aviation underwriter in Singapore.

This move is part of a continuing expansion process for Kiln, which has three offices in the Asia Pacific region: Hong Kong, Singapore and in Lloyd’s China. The region has experienced a substantial level of growth throughout the financial crisis. This presents an opportunity to reinsurers, such as Kiln.

“The region has continued to have economic growth and insurance purchasing,” said Wray, who added that there were different levels of maturity of markets, depending on where in Asia Pacific, was being considered.

However, Wray said that there were several countries that presented exciting opportunities and that marine and aviation business were both likely to see growth.


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More on this story

Insurance
28 August 2015   Insurance services firm Charles Taylor posted a strong set of the results for the first half of 2015, a period of several strategic landmarks for the company, and also revealed a change of management at the end of the year.
Insurance
18 June 2015   The former chair and chief executive officer (CEO) of Kiln has joined Charles Taylor as chairman.
Insurance
17 February 2015   The Lloyd’s Market Association (LMA) has appointed Paul Jeffrey to lead its work towards overhauling the market’s processes for delegated authority underwriting.

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