Nationale Suisse announced that its new Singapore branch has received a license from the local authorities allowing it to insure risks directly and to offer facultative reinsurance in Singapore and other Asian markets.

The branch office of the Basel-based parent company is “fully operational with immediate effect and offers tailored solutions in the engineering, marine and art sectors,” said the announcement. “It represents another long-term driver of growth and income for Nationale Suisse.”

Nationale Suisse added that it has “been involved in the Asian economic arena for seven years now from its regional base in Malaysia.” The expansion with the office in Singapore “allows the company to underwrite more primary insurance and facultative reinsurance in Asia.”

“The newly licensed branch office of the Swiss parent company is operating under the name Swiss National Insurance Company Ltd (Singapore Branch) and is commencing its activities with immediate effect.” It will specialize in “Engineering, Marine and Art specialty lines” through a “local team of experts.

Hans Künzle, CEO of the Nationale Suisse Group, commented: “Our increased presence in Asia will bring us even closer to the market players in this up-and-coming region, enabling us to better exploit its potential. We are thus creating another key driver of growth and income to underpin the long-term development of our specialty line business.”

Tom Ludescher, CEO of Nationale Suisse Asia, added: “The combination of our 130-plus years of experience in the insurance business, our local team with an in-depth understanding of the various Asian markets and our seal of quality in the form of an ‘A-’ rating from A.M. Best helps us create added value that our local and international clients can really appreciate.”

Source: Nationale Suisse