Nexus makes key hire to expand Asian reinsurance business
Specialty managing general agent (MGA) Nexus Group has hired a new head of treaty reinsurance in Asia from Progressive Insurance as it looks to expand its business across both the property/casualty (P&C) and accident & health (A&H) segments in the region.
Based in Kuala Lumpur, Malaysia, Tan Chai Foo will help to expand the existing structured reinsurance activities of Labuan-based Nexus Structured Solutions into a more traditional treaty reinsurance business, and will report to Nexus Asia chief executive officer Anthony Egerton.
Chai Foo has been underwriting treaty reinsurance across the Asia-Pacific regional marketplace on behalf of Labuan-based reinsurers for the last ten years. Most recently, he headed the reinsurance department and was a member of the executive management team of Progressive Insurance Bhd, Malaysia.
Nexus established a presence in the Asia region in June 2015. The MGA underwrites various classes of business through its offices in Hong Kong and Labuan, including marine cargo, financial lines, specialist property, accident & health and structured solutions.
Gerard Pennefather, Nexus Asia chairman, said: “I am delighted that someone of Chai Foo’s calibre is joining the team as this clearly demonstrates Nexus’ strong commitment to expansion in the region. Chai Foo will drive forward our treaty reinsurance business in Asia including China and will work with existing Nexus colleagues in Hong Kong and Labuan to develop and implement our overall strategy.”
“Chai Foo’s appointment follows on from and fits alongside the appointment of Justin Yeo as Head of Asia, Nexus Accident & Health this time last year," he continued. "These two experienced individuals provide a comprehensive and complementary reinsurance service to the marketplace across both P&C and A&H segments.”
Chai Foo commented: “I’m pleased and excited to be part of the Nexus team as I believe that given the inherent strengths of Nexus and its people, we have a great opportunity to develop and build the Asian reinsurance portfolio by adding value and providing innovative solutions for brokers and clients.”
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