Lockton has created a food and agribusiness practice for the Asia-Pacific region and has hired Stephane Baldanoff as regional director.

Baldanoff will head a team that leverages Lockton’s experience of working in food and agribusiness industries around the world and will expand upon the group’s existing strengths and capabilities in Asia-Pacific. 

He will be responsible for the company’s food and agriculture client portfolio. He will also help develop agricultural reinsurance business in the region by offering tailored agri-risk consulting, analytical services and coverage solutions for the livestock, aquaculture, forestry and crops segments.

Bringing close to 30 years’ experience in the insurance broking industry, Baldanoff joins Lockton from Jardine Lloyd Thomson’s (JLT), where he was managing director of its food and agribusiness practice in Asia for the past nine years.

According to a statement from the international insurance brokerage, agriculture insurance is a fast-growing segment, particularly in Asia, which accounts for two-thirds of the world’s population and has an estimated 420 million farms. The region has seen numerous advances in agricultural production, such as the emergence of the mega-farms, which present a wide range of new challenges for traditional agricultural insurers in terms of risk profile and capacity.

“I’m delighted that Stephane will head up Lockton’s food & agribusiness practice as it launches in APAC,” said Warren Merritt, CEO of Lockton Asia. “With his extensive experience and deep-rooted relationships in the region, he will provide an added level of technical support and work alongside regional teams to provide new and innovative coverage solutions.

“The region has some of the largest food and agribusiness insurance and reinsurance programmes in the world and these continue to grow and evolve. The opportunity to leverage Lockton’s existing experience and access to technology and resources is ripe for the picking. We look forward to seeing Lockton Asia’s business platform strengthen through further hires and expansion into new specialty areas.”