AU Group, an international trade credit insurance brokerage, and PhillipCapital, an Asian financial group, have agreed to form a joint venture for credit and political risk insurance in Asia. The firms will also open their first subsidiary in Singapore.
The joint venture will be known as AU Group Asia, with Gerald Lim as its chairperson. He is a veteran in credit and political risk insurance in the region, and, most recently, was Asia CEO for trade credit, financial, and political risks at Marsh
. He also headed the firm’s Southeast Asian division. He has held leadership roles based in Taiwan and Singapore.
Meanwhile, the subsidiary, AU Group Singapore, will be led by Don Low. He was a senior underwriter at Coface and ACE prior to joining Marsh
as head of political risks and structured credit for Marsh
The Asia-Pacific region is ripe for growth in traditional credit insurance as well as the structured trade and political risk insurance sectors.
“We are delighted to enter into this partnership with PhillipCapital,” said Jean-Claude de Lassée, chairman of AU Group. “In early 2015 we established AU Group China. To support our future expansion we decided that AU needs to be strategically aligned with a major established organisation in Asia, and with experienced and skilled professionals, and we are fortunate to have found PhillipCapital as our partner.”
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