Munich Re targets South East Asia market with new Thai operations

German reinsurance giant Munich Re is looking to expand its presence in the South East Asian market with the creation of a new representative office Bangkok.

Munich Re said the move reflects its commitment to "serving clients in Thailand for the long term".

The company has hired a senior executive from Thaivivat Insurance, a Thailand-based insurance company, to benefit from his experience and deep knowledge of the Thai market.

Lucien Heijstee has joined Munich Re as chief representative for Thailand. Prior to this role, he was executive vice president for underwriting and reinsurance, as well as member of the board of management for close to 10 years at Thaivivat. Earlier in his career, he worked for the Munich Re Group in various management roles at Euro-Center (Thailand).

Roland Eckl, chief executive, Munich Re Asia Pacific – Japan, Korea, India and South East Asia, said: “We see Thailand as a strategic growth market in South East Asia, where we have made a long term commitment to our clients. This new milestone will enable us to enhance our existing relationships with local and international insurers and develop new partnerships here in 2019 and beyond.”

“With his long standing experience and deep knowledge of the Thai market, Lucien is well positioned to understand our clients’ needs," Eckl added. "He will connect them to the broad range of global capabilities we offer across traditional reinsurance, capital management solutions, data analytics and cyber protection services.”

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