Munich Re Syndicate Singapore, the Asia-Pacific arm of Munich Re’s Lloyd’s syndicate, has announced a partnership with Singapore-based coverholder Nectar Specialty Risk (Nectar), a move that strengthens its ties in the region.
Nectar offers professional lines products via a Nectar Pro, a Financial Lines business unit focused on emerging Asian markets in South East Asia and Indian sub-continent.
Nectar Pro offers significant capacity and solid protection with a focus on Directors and Officers (D&O), Professional Indemnity (PI), Crime and Financial Institutions, for organisations across the Asia-Pacific as direct insurance and reinsurance through local insurers.
“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 Limited.
“We are 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.”
“Nectar PRO will allow us to expand both our distribution into these Asian markets and also to service the mid-market segment with a high volume of transactions in an efficient manner.”
“In this respect, it is completely complementary to both our current open market Financial Lines strategy in the region and to our overall business strategy of transitioning to a specialty Syndicate with a diverse business offering.”
Ram Garg, Founder & Chief Executive Officer of Nectar added, “Nectar has extremely close relationships with local insurers and brokers in the emerging Asian markets.”
“By working with Munich Re Syndicate, whose brand represents deep industry expertise, innovation and financial strength, we are confident in the solutions we are able to provide as partners.”
Nectar underwrites on behalf of Munich Re Syndicate Singapore Pte Ltd under authority from Munich Re Syndicate 457 at Lloyd’s.