Allied World bullish on Asia
Allied World’s acquisition of RSA’s operations in Hong Kong and Singapore as well as its takeover by the Fairfax group has strengthened the re/insurer’s capabilities and potential growth opportunities in Asia, Michael Garrison, president Asia-Pacific, told SIRC Today.
Allied World acquired the Hong Kong and Singapore operations of UK insurer RSA in 2015. As part of the deal, it acquired capabilities in a number of specialty lines such as casualty, construction and engineering, marine and property.
“With Allied World’s acquisition of RSA’s operations in Singapore and Hong Kong in 2015, we’re now a business that can effectively approach any risk, from the consumer space to large projects and anything in between,” Garrison said.
“Having that breadth of line of cover enables us to manage the cycles. It gives us a unique level of expertise and opportunity for growth as we move forward.
“Our Lloyd’s licence allows us to operate in many more countries, so there are benefits to having a dual platform, company and Lloyd’s.”
Allied World now operates in the region in consumer lines, motor, travel, and personal commercial, all the way up to big construction and commercial property and everything in between, Garrison explained.
“We see a significant upside in construction, professional lines and healthcare,” he said.
Allied World became part of Canada-based Fairfax Financial Holdings in June 2017, enabling the re/insurer to leverage from Fairfax’s presence in the international re/insurance markets.
“Now we’re part of the Fairfax family, we see tremendous capability and opportunity,” Garrison said.
“As we build stronger relationships across the Fairfax group of companies, be that the Lloyd’s companies Brit and Newline, Falcon in Hong Kong or Pacific in Malaysia, we plan to work together on mutually beneficial opportunities and to support one another.
“I am quite excited about that,” he added.
The acquisitions allow Allied World to broaden its remit across the Asia-Pacific region, Garrison explained.
Allied World expects its Australian business to continue growing fast. In addition, as many developing economies show strong growth, Allied World wants to ensure that the business can capitalise on opportunities as they arise.
“We might see markets shifting, dislocation taking place or client needs opening up, and taking advantage of these quickly is one of the strengths of a business like ours, given our size and flatter structure,” Garrison said.
“With the potential that exists in the region, and the breadth of our offer, we’re focused on growing into our shoes and maximising opportunities.”
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