Tysers has confirmed William Furness-Smith (pictured above) as chief executive officer of its Singapore business following regulatory approval, placing the marine insurance specialist in charge of the broker's Asia-Pacific growth strategy as competition increases across the regional market.
The approval from the Monetary Authority of Singapore (MAS) makes permanent a leadership arrangement that began in June, when Furness-Smith took over as interim CEO following the departure of Babita Rai.
Furness-Smith joined Tysers in 2015 and relocated to Singapore in 2024 as head of marine for Asia-Pacific, where he was responsible for regional strategy and client development. He will now oversee the broader Singapore operation, working with its local team and the broker's international network.
“His appointment reflects both the strength of talent within Tysers and our commitment to growing our presence and capabilities across APAC,” Tysers CEO Tom Wilson said.
The leadership change comes as marine insurers contend with growing competition despite an increase in premium income. The International Union of Marine Insurance's latest figures show that global marine premiums rose 5.5% to US$42.6 billion in 2025, with Asia-Pacific accounting for 30.8% of the total.
Asia accounted for 36.4% of global cargo premiums in 2025, narrowing the gap with Europe. Singapore recorded 13% growth in cargo insurance premiums, partly driven by high-tech and semiconductor shipments, while Asian cargo loss ratios remained just below 70%, continuing an upward trend since 2020.
The regional expansion comes as increasing insurance capacity puts pressure on cargo pricing. The latest marine cargo market assessment found that competition continued to soften conditions in 2026, despite growth in premium volumes.
Tysers has also been adding specialist experience to its Singapore marine operations. In August, the broker appointed Prantika Sengupta as director of marine claims and client relations. Sengupta brought 15 years of experience across maritime law, insurance, reinsurance and dispute resolution, including senior legal and claims roles at Sealead Shipping and CMA CGM.
The move followed the appointment of Graham Gordon as marine divisional director in 2025. Gordon previously served as chief client officer for Marsh's marine practice in Singapore and spent more than two decades leading marine operations at Jardine Lloyd Thompson.
The appointment also aligns with AUB Group's broader strategy to develop Tysers' wholesale and specialty operations. In its 2026 annual report, the parent company identified revenue growth in marine and aviation as contributors to Tysers' profit growth, alongside expense management despite foreign exchange pressures.
“I am pleased to be formally appointed CEO of Tysers Singapore following MAS approval. We have a strong and talented team whose expertise and commitment provide an excellent foundation for continued development in Singapore and across the region. I look forward to working with my colleagues at Tysers to strengthen our client relationships, further develop our specialist capabilities and build on the firm foundations already in place,” Furness-Smith said.
