Munich Re Syndicate targets Asia expansion with Nectar partnership

The Asia Pacific arm of Munich Re Syndicate, a marine and specialty insurance underwriter at Lloyd’s, has partnered with Singapore-based coverholder Nectar Specialty Risk to expand its distribution and middle-market business in the region.

Nectar provides tailor-made insurance and reinsurance solutions focused on the emerging Asian markets in South East Asia and Indian sub-continent.

Nectar's financial lines business unit offers directors and officers (D&O), professional indemnity (PI), crime and financial institutions solutions for corporations across the Asia Pacific region through local insurers.

Nectar underwrites on behalf of Munich Re Syndicate Singapore (MRSS), under the authority from Munich Re Syndicate 457 at Lloyd's.

“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. "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.”

Ang added: “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 & CEO of Nectar, commented: “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.”