Munich Re Syndicate Singapore partners with Lloyd’s coverholder for Asia expansion

Munich Re Syndicate Singapore partners with Lloyd’s coverholder for Asia expansion | Insurance Business

Munich Re Syndicate Singapore partners with Lloyd’s coverholder for Asia expansion

Munich Re Syndicate Singapore (MRSS) has announced a new partnership with Nectar Specialty Risk, a Singapore-based Lloyd’s coverholder that provides bespoke re/insurance solutions.

The move will grow MRSS’ distribution and middle-market business in Southeast Asia and the Indian subcontinent, which are Nectar’s main markets under its Nectar PRO brand.

According to MRSS, Nectar PRO provides “significant capacity” in various lines, such as directors and officers (D&O), professional indemnity (PI), crime, and financial institutions insurance, for corporate clients in the Asia-Pacific region through direct insurance and reinsurance from local insurers.

Under the agreement, Nectar will now underwrite on behalf of Munich Re Syndicate Singapore, under authority from Munich Re Syndicate 457 at Lloyd’s.

“Asia-Pacific is one of the key growth markets for Munich Re Syndicate, since the inauguration of our Singapore office as our Asia hub last summer,” said Celine Ang, head of Asia, Munich Re Syndicate Ltd. “We’re able to capitalise on our regional experience of understanding different economies, cultures and businesses across geographies to provide quality service to the Asia-Pacific region.”

Ang added that Nectar PRO will allow MRSS to expand its distribution into more Asian markets and service the mid-market segment with a high volume of transactions in an efficient manner.

“Nectar has extremely close relationships with local insurers and brokers in the emerging Asian markets,” said Ram Garg, founder and CEO of Nectar. “By working with Munich Re Syndicate, whose brand represents deep industry expertise, innovation and financial strength, we’re confident in the solutions we’re able to provide as partners.”