Criterion Underwriting Pte Ltd, a new independent managing general agent (MGA), has opened for business in Singapore.
The new MGA was launched at the 15th Singapore International Reinsurance Conference, and will underwrite and manage and range of specialist insurance solutions on behalf of global insurance and reinsurance firms.
The solutions that are on offer include cyber insurance and financial lines, and are available to all financial institutions, small and medium-sized enterprises, and also individual retail customers. Currently, says the announcement, there are plans to offer marine insurance solutions by the end of this year.
Singapore domiciled Asia Re Holdings Pte Ltd and B.P. Marsh & Partners PLC of the UK, are the principal investors of the new MGA, which is to be led by Jonathan Ranger as Chief Executive Officer (CEO) of Criterion Underwriting.
Ranger, commented: “Our decision to adopt the MGA model in Singapore is based on the fact that we can offer a broad line of products to market segments less well-served by the established insurance industry. We believe our competitive advantage lies in specialising within the products we offer and leveraging enhanced service standards plus our underwriting and management experience.”
Ranger is joined by Shan Sagoo as Chief Underwriting Officer (CUO), who brings more than 20 years of underwriting and broking experience to the role.
Sagoo, commented: “In the EU, the interest in cyber insurance has been largely driven by General Data Protection Regulation (GDPR) and the onerous fines associated with it. In Asia the regulatory environment is evolving. Here in Singapore, revisions to the Personal data Protection Act, including the introduction of mandatory breach notification, are expected to be tabled in Parliament next year.
“This, along with the Singapore government’s Smart Nation initiatives, and recent high-profile data breaches, will serve to boost the profile of Cyber Insurance.”
The new MGA believes there is growing public awareness of cyber threats, and, at the same time, a rising interest and demand by businesses and individuals alike for cyber solutions in order to mitigate the exposures.
The company’s Personal Cyber Insurance product is designed specifically to protect individuals and their families against cyber-related events, which includes cyber fraud, cyber extortion, malware attacks, and also identity theft.
For corporates and small and medium-sized enterprises, the MGA covers both first and third-party protection against costs and liabilities, which includes restoration costs, business income loss, cyber extortion payments, regulatory fines and other legal liabilities.
“We see Criterion Underwriting as setting a standard and becoming a model for how to create a successful independent MGA; strong financial backing combined with underwriting experience and respect for the regulatory and compliance environment,” said Ranger.