Successfully Engaging with the Dynamic Singaporean Reinsurance Market
As Southeast Asia becomes a more integrated economic community, numerous infrastructure and natural resources projects are being delivered across the region.With significant investments being made, insurance programs play a central role in ensuring the success of large projects.
“Our expertise as a reinsurance broker is based on our leading risk-management solutions and comprehensive consultancy services for engineering, energy and infrastructure projects,” says Jun Yamaguchi, President and CEO of Marnix Corporation. “This separates us from our competitors as we are able to leverage the strengths of our holding company, Marubeni Corporation,and deliver comprehensive solutions to our clients.”
2011 saw the company establish its Singapore subsidiary, Marnix Insurance Brokers Asia Pte. Ltd. (MIBA).A licensed reinsurance broker approved by the Monetary Authority of Singapore, MIBA was the first reinsurance broker in Singapore to be fully owned by a Japanese company. By engaging with, and competing in the dynamic Singaporean reinsurance market, MIBA is able to react more quickly to market opportunities.
‘Singapore is a strategically important market for gathering information on insurance industry developments.’
Jun Yamaguchi, President and CEO, Marnix Corporation
Last June, MIBA reached an agreement to acquire a skilled team of professionals and accounts from the Singapore subsidiary of London-based reinsurance broking and risk management company, THB Group.
“While we delivered discretionary reinsurance solutions mainly to Japanese-related businesses,the former THB team focused on international clients,”says Yamaguchi. “With its extensive network of close connections with reinsurance markets across the region, our acquisition of THB’s Singapore-based team represents our commitment to expanding our business in Southeast Asia. The strengthening of our presence in the Singaporean market will enable us to provide more refined reinsurance products and services to clients throughout Southeast Asia”.