Standard Asia, the Singapore-based subsidiary of mutual insurance association The Standard Club, has established a Hong Kong branch and appointed Michael Turnbull to lead as Chief Executive Officer.
The legally-qualified insurance industry veteran will help spearhead an expansion effort in the Greater China region. He reports to Managing Director of Standard Asia, David Roberts.
“I am pleased to be leading Standard Asia Hong Kong,” remarked Turnbull. “We aim to grow our business in the region and to deliver the very best for our members.”
He added that Katherine Wang has joined as Underwriter for the newly established branch and will be responsible for business development in Greater China.
“Katherine has exceptional experience in the market having previously worked as an underwriter in two other International Group clubs,” Said Turnbull.
Roberts added, “We are delighted to have received authorisation from the Hong Kong Insurance Authority to carry on insurance business in Hong Kong.”
“This underscores Standard’s commitment to its Asian members who comprise 27% of the club’s tonnage. We now employ almost 40 people across our Singapore and Hong Kong offices, spanning underwriting, claims, loss prevention, finance and administration, providing a truly localised regional service.”
He went on to highlight the importance of the recent co-operation agreement with Ping An Property & Casualty Insurance Company of China Ltd to offer P&I insurance to Chinese shipowners engaged in international trade.
The collaboration focuses on owners of ships undertaking ocean-going voyages, and enables Ping An P&C to expand its current P&I business to cover an increasing number of Chinese shipowners.
