Swiss Re gets licence to offer commercial insurance in Singapore and Asia

Swiss Re International SE has created a branch in Singapore and has received an insurance licence to do commercial business there, beginning operations immediately.

The new entity, set up by the Luxembourg subsidiary of Swiss Re Corporate Solutions, will offer direct insurance products to large and upper-end middle market corporate clients, as well as to captives in Singapore and selected markets in Asia.

It will offer standard property and casualty insurance, as well as products in the professional and financial lines, engineering, marine, credit and customized risk-transfer solutions.

Angela Kelly, a Swiss Re executive, will service as chief executive of the new business, also retaining her current role as head of casualty in Asia for Swiss Re Corporate Solutions.

“The new licence will play a key role in our strategy to grow our portfolio in Asia,” Kelly noted in a statement.

“We are convinced that Swiss Re Corporate Solutions’ value proposition, anchored in our strong financial ratings, large net capacity, innovation skills and demonstrated underwriting knowledge, will generate significant value to brokers and clients in the region.”