Tysers is reshaping its Singapore leadership as parent company AUB Group reorganises the broader business. William Furness-Smith (pictured) has been appointed interim chief executive following the departure of Babita Rai. Rai is leaving the business to pursue other interests.
Furness-Smith’s permanent appointment is subject to approval by the Monetary Authority of Singapore (MAS). He joined Tysers in 2015 and relocated to Singapore in 2024 as head of marine, Asia-Pacific. In that role, he led regional strategy and client development across the broker’s APAC network.
His promotion follows a period of sustained investment in Tysers’ Singapore presence. When Furness-Smith relocated in 2024, he joined Rai, who had been named CEO of Tysers Singapore at the same time. She had joined as managing director in 2023 and was tasked with expanding core business areas and deepening client relationships across APAC.
Furness-Smith brings more than 15 years of experience in marine broking. His focus has been on placing complex hull and cargo risks across international markets. Before joining Tysers, he held roles at Marsh & McLennan and as a dry cargo shipbroker.
Rai leaves having built up the Singapore reinsurance operation from its early stages. Before joining Tysers, she held senior roles at JB Boda, UIB Asia Reinsurance Brokers and Guy Carpenter.
Tom Wilson, CEO of Tysers, said the firm was backing Furness-Smith to carry the business forward.
“We are grateful for Babita’s contribution to Tysers Singapore and wish her well in her next challenge,” he said. “At the same time, we are delighted to welcome William to this role and look forward to the next phase of Tysers’ growth in Singapore and across APAC.”
In January 2026, AUB announced plans to transfer Tysers’ UK retail portfolios to Prestige Insurance. Prestige is AUB’s new primary UK retail broking platform. The transaction was expected to complete before 30 June 2026. The move refocuses Tysers on its specialist and international operations.
Furness-Smith takes the helm as Singapore’s insurance market continues to grow. The city-state’s general insurance sector is projected to reach SG$8.6 billion in gross written premiums by 2030. The figure implies a compound annual growth rate of 6.3% between 2026 and 2030, according to GlobalData. Marine, aviation and transit lines are among the segments contributing to that growth.
