Arab Insurance Group (Arig)has opened a branch in Singapore to serve as the centre for its expanding Asian operations. The company's return to Asia follows the assignment in mid-2004 by Standard & Poor'sof a BBB rating, which is a requirement to underwrite business in those markets (MEED 25:6:05).
Singapore will serve as the hub for business in countries across the region, including Malaysia, Indonesia, Hong Kong, Thailand and China. 'We chose Singapore to be the base because most of the large international brokers have a presence there, as do some 25 reinsurers,' says Arig chief executive officer Udo Krueger. 'It also has the advantage of being right in the middle of Asia.' Arig will offer the full range of reinsurance business lines with the exception of aviation and offshore energy, including property, engineering, marine and liability. After a period of retrenchment that saw it selling off non-core retail assets, the Arab world's largest insurer is in expansion mode. 'We are already working in the former Soviet states and growing fast, although it takes time to establish relationships and create double-digit growth,' says Krueger. 'Sub-Saharan Africa is always of interest.'
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.