Letter from Asia
Peter Phillips, managing director of Markel international Singapore, reviews the growth of
Markel's brand across the Asia Pacific region.
Markel International Singapore has recently moved from One George Street to an impressive new complex in Asia Square. It was a symbolic relocation because not only does it provide more room for our Singapore team to expand, it also underlines our growing
role in the Asia-Pacific region and reinforces our move towards a single brand.
Table for two: Chris Devitt (right) discusses specialty business at SIRC
Our Asian operation was launched in Singapore in 2007 as part of the Lloyd's Asia platform. Now, four years on, with Hong Kong and Beijing supporting our Singapore business, we have a wide base across the region and growing recognition as a specialist insurer. Our roots are in the United States, where Markel Corporation was formed in the early part of the last century, and we have an established position in the London market. This gives us great stability as a regional player in Asia Pacific.
Markel is a strong, financially secure and highly innovative brand. We have generations of experience in
niche markets, and we are bringing this to bear in all our Asian operations. Taking the brand worldwide is the goal of Markel International, and to be successful in the Asia Pacific marketplace requires good local knowledge and long-term commitment. You have to be a dedicated local player and blend with the culture and values, which is precisely what we are trying to do.
By using our wholly-owned Lloyd's syndicate (Syndicate 3000) to write business through the Lloyd's trading platform, we can provide cover for a wide range of products in our portfolio.
Our Singapore business, which forms the regional hub, was built on marine and energy business – one of Markel International's strongest underwriting divisions. And we tailor our products for local needs, focusing on areas where our specialist knowledge can fill gaps. From an initial marine and energy offering, we have expanded to include property and casualty, as well as professional and financial risks.
Today, we have great capacity across marine and energy, financial and professional risks, and property markets, while our highly flexible and tailored approach is perfect for the region and gives us plenty of scope to further diversify the business.
Trade talk: Ewa Rose speaking at the Singapore Cricket Club
The last year or so has been particularly busy for us. In June 2010 we obtained our underwriting licence in Labuan, allowing us to expand in Malaysia, and at the of this year we opened our Hong Kong office appointed Ada Lam as the manager.
Trade credit is another growth area, and I'm delighted by the appointment of Abhishek Chhajer, who is managing our regional trade credit business from Singapore. Our Asian team has also been strengthened by other appointments, such as the arrival from London of Mark Warrilow as chief underwriting officer. We now have a distinctly multinational feel and a very wide range of talent.
The recent Singapore International Reinsurance Conference (SIRC), attended by more than 3,000 delegates, enabled us to discuss our growth in Asia Pacific and describe the widening portfolio of products that we provide through our regional network. I'm looking forward to continued expansion and further product innovations, and I wish all our clients the very best for 2012.
For further information on Markel's Asia Pacific team and regional product portfolio, see Asia Update at
www.market-matters.biz/asia-update/
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